About Financial Crime Compliance
Financial Crime Compliance is mainly responsible for anti-money laundering and combating the financing of terrorism (AML/CFT) supervision of MFSA licence holders. This is carried out jointly with the Financial Intelligence Analysis Unit (FIAU) in a coordinated and integrated manner and with a risk-based approach. Supervision consists in the monitoring of compliance by MFSA licence holders with the requirements of the Prevention of Money Laundering Act, Prevention of Money Laundering and Funding of Terrorism Regulations and the FIAU Implementing Procedures.
Another remit of Financial Crime Compliance includes also the monitoring of developments in the area of international (financial) sanctions issued from time to time by the United Nations Security Council, the European Union and through national legislation. This function seeks to ensure that licence holders are aware, understand and comply with the requirements of international sanctions and other restrictive measures including sanctions lists, and provides them with information and guidance thereon. Financial Crime Compliance also performs supervision on behalf of the Sanctions Monitoring Board which is the national entity tasked with the supervision in relation to Financing of Terrorism and the Financing of Proliferation of Weapons of Mass Destruction.
Additionally, Financial Crime Compliance also coordinates the collection of information from the various supervisory units and together with its own information, formulates the MFSA’s input in relation to the local financial sector’s Risk Assessment.
Additional remits of Financial Crime Compliance are the delivery of various forms of training to both internal supervisory units within MFSA and also to external bodies; and helping other regulatory bodies including the local Law-Enforcement and Judicial authorities in collecting information in respect of various Court Orders, Investigation Orders and Requests for Information issued by the Courts of Justice and the Police Corps respectively, from various other Units within MFSA and providing the relative information to the aforementioned authorities.