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ARTICLE · 02 OCTOBER 2020

Financial Services And Fintech Update (18/07/20)

GTG Legal
GTG Legal
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Since its founding in 1997, GTG has been at the forefront of Malta’s legal profession, blending...

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The MFSA issued a circular to licence holders regarding their record keeping obligations, which obligations aim to protect customers, ensure regulatory compliance and enable MFSA supervision.

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

Malta Financial Services Authority (MFSA) Update

1. Circular to Licensees on Record Keeping

The MFSA issued a circular to licence holders regarding their record keeping obligations, which obligations aim to protect customers, ensure regulatory compliance and enable MFSA supervision.

Licence holders are reminded that they must retain accurate documentation and records reflecting their governance structures, manner of oversight and customer interaction. The MFSA highlights that customer interaction aims to capture prospective customers, even if these are eventually not onboarded and that effectively, correspondence relating to client contact/introduction, onboarding, client acceptance and even ongoing exchanges must be maintained.

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