On the 12 July 2019, the MFSA issued a Guidance Document
entitled 'Guidance on the Fitness and Properness Assessments
applied by the Authority' which serves to provide further
detail on the areas which the MFSA's assessments are carried
out on. The MFSA assesses fitness and properness against the
following criteria:
- competence;
- reputation;
- solvency;
- conflicts of interest and
independence of mind; and
- time commitment.
Applicants or licence holders should only propose individuals
for approved positions who in their opinion are fit and proper
persons and the MFSA expect such entities to carry out their own
due diligence and assessment of such persons, not only prior to
proposing such person but also on an ongoing basis. These
guidelines along with the establishment of the Financial Crime
Compliance team serve to further strengthen MFSA's supervisory
processes.
