Procedures & Guidance
Procedures & Guidance
General guidance notes are issued periodically to assist subject persons in fulfilling their Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) obligations. These guidance notes cover various topics, including customer due diligence, reporting suspicious transactions, and the outsourcing of AML/CFT functions.
Factsheets are published to provide guidance and insights to subject persons on various aspects of anti-money laundering (AML) and countering the financing of terrorism (CFT) compliance.
These factsheets cover topics such as typologies and red flags, and the outcomes of analytical exercises performed by different sections of the Unit, aiming to enhance the understanding and implementation of AML/CFT obligations within Malta’s financial sector.
Implementing Procedures
The Implementing Procedures are issued in terms of Regulation 17 of the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) and are binding on all persons carrying out relevant financial business or relevant activity from the date they are issued.
The main purpose of these Implementing Procedures is to provide guidance to subject persons in their implementation of the rules set out in the PMLFTR. In so doing, the Implementing Procedures assist subject persons to better understand and fulfil their obligations under the PMLFTR, ensuring an effective and harmonised implementation of the salient provisions.
The Implementing Procedures are divided in two parts. Part I is applicable to all sectors and Part II applies to each sector specifically. The Implementing Procedures may, from time to time, be amended to ensure that they remain harmonised with amendments to legislation and other material developments originating from changes in international standards. Subject persons should, therefore, ensure that they always refer to the most recent version.
