Insurance and Pensions – 2021 Risk Evaluation Questionnaire (REQ)

The FIAU has issued a press release informing subject persons on their obligations to file the REQs for 2021. The REQs will be made available on CASPAR system as from 1 March 2021 and insurance and pensions service providers are expected to complete the REQ by 28 April 2021.

Administrative penalties may be imposed on subject persons in case of late submissions. The FIAU has requested subject persons to register as soon as possible on the CASPAR system if not yet registered.

Separate to the REQ, subject persons are now also required to submit the Subject Person Profile which includes details on the corporate structure, turnover and net asset values, information on target market and a copy of the business risk assessment.

Previously, insurance and pension service providers were also required to complete the MFSA’s AML Control Framework Questionnaire. This questionnaire has now been integrated in the REQ and subject persons will now be required to submit information in relation to their AML/CFT framework through the submission of the REQ only.

For more information on this or any related topic, please contact Elaine Magri.