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ARTICLE · 08 MAY 2020

FIAU Proposes Amendments To The Implementing Procedures

Gauci-Maistre Xynou Legal |Assurance
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The Financial Intelligence Analysis Unit (FIAU) has proposed a series of amendments to Part I of the Implementing Procedures issued under the Prevention of Money Laundering and Funding of Terrorism...

MaltaGovernment, Public Sector
Daniel Inguanez
Daniel Inguanez
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The Financial Intelligence Analysis Unit (FIAU) has proposed a series of amendments to Part I of the Implementing Procedures issued under the Prevention of Money Laundering and Funding of Terrorism Regulations (Subsidiary Legislation 373.01). These proposed amendments seek to make certain obligations more practicable particularly for the funds industry.

Customer due diligence when this has already been carried out by the customer's agent (Section 4.3.3)

The Implementing Procedures already contemplate situations where a subject person is dealing with an agent of the customer rather than with the customer itself. Apart from obliging the subject person to identify and verify the customer, the Implementing Procedures also verify the identity details of the agent.

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