Guidance Document launched by MFSA and FIAU

Document seeks to assist accounts in Fintech

Mr. Steve Muscat Azzopardi | Published on 21 Jun 2019

Guidance document by MFSA and FIAU

The Malta Financial Services Authority (MFSA) and the Financial Intelligence Analysis Unit (FIAU) have launched a Guidance Document to assist organisations with clientele involved in Fintech and similar high-tech projects, most notably Credit Institutions, Payment Institutions and Electronic Money Institutions. 

The document seeks to assist with the creation of certain measures and policies such as risk assessment and other procedures. Resulting from discussions earlier this year, the document, in fact, should not be read as a guide to avoid regulations related to Prevention of Money Laundering and Funding of Terrorism Regulations (‘PMLFTR‘), but should be accompanied by the Implementing Procedures as well as other documentation drawn up by the FIAU regarding PMLFTR.   

Supporting the Fintech Industry  

According to Chief Officer Strategy, Policy and Innovation, Dr Christopher P. Buttigieg, there is a need to attract foreign investors and develop the sector of fintech whilst making sure the market is regulated and follows the highest standards applied by banks.    

Dr Priscilla Mifsud Parker, Senior Partner in Corporate, Trusts and Fintech welcomed the guidance document. “I hope it will encourage banks in Malta to reassess their position on Fintech operators. Yes, there are risks but Malta's banks and financial sector may seize the opportunity to truly understand these risks and take action using new tools to mitigate them. A flexible and supportive banking system is key to the success of a financial centre.”

Contact Us
Please send me legal and other updates
Key Contacts

Mr Steve Muscat Azzopardi

Senior Manager, Corporate & Fintech

+356 22056438

Related Practice Groups