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ARTICLE · 02 OCTOBER 2020

Financial Services And Fintech Update (03/07/20)

GTG Legal
GTG Legal
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GTG Legal

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New requirements will be imposed on subject persons in terms of the Prevention of Money Laundering and Funding of Terrorism Regulations.

MaltaFinance and Banking
Ian Gauci
Ian Gauci
Cherise Abela Grech
Cherise Abela Grech

Malta Financial Services Authority (MFSA) Updates

  1. Amendments to Insurance Business Rules

A circular issued by the MFSA to insurance market participants informed relevant stakeholders about amendments to Chapter 1 and Chapter 2 of the Insurance Business Rules issued under the Insurance Business Act (Chapter 403 of the Laws of Malta).

The following amendments were made effective immediately:

  • Report on the adequacy of the scheme of operations: the MFSA previously requested a report drawn up by an approved auditor or where the undertaking is managed, by the insurance manager, on the adequacy of the undertaking's business plan and a signed scheme of operations. The MFSA has now amalgamated these two requirements into one.

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