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ARTICLE · 05 AUGUST 2020

Circular On Record Keeping Obligation For Licenced Entities

Camilleri Preziosi
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On 15 July 2020 the Malta Financial Services Authority (the "MFSA") issued a circular addressed to all licenced entities regarding their obligations in relation to record keeping.

MaltaFinance and Banking
Andrew Caruana Scicluna
Andrew Caruana Scicluna
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On 15 July 2020 the Malta Financial Services Authority (the "MFSA") issued a circular addressed to all licenced entities regarding their obligations in relation to record keeping.

The MFSA expects that licenced entities retain accurate documentation and records relating to their governance and oversight of regulated activity and their interaction with customers, in order to enable the MFSA to properly supervise them and protect customers.

In this regard, the MFSA outlined in the circular that the record keeping obligation extends to interactions with potential clients, whether or not they are eventually onboarded. Licenced entities are required to ensure that all correspondence relating to client contact and introduction, client acceptance, client on boarding as well as all ongoing correspondence throughout the relationship are retained centrally.

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