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ARTICLE · 06 NOVEMBER 2023

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FIAU Publication: Consultation Document On Implementing Procedures – Part II

Camilleri Preziosi
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On 25th October 2023, the FIAU issued a Consultation Document on the Implementing Procedures – Part II for Collective Investment Schemes ("CISs") and related investment...

MaltaGovernment, Public Sector
Kirsten Debono Huskinson
Kirsten Debono Huskinson
Kyra Sammut
Kyra Sammut
Peter Mizzi
Peter Mizzi
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On 25th October 2023, the FIAU issued a Consultation Document on the Implementing Procedures – Part II for Collective Investment Schemes ("CISs") and related investment service providers ("Investment Services Providers").

The Consultation document outlines the FIAU's expectations and provides binding guidelines on how CISs and Investments Services Providers should satisfy their obligations under the Prevention of Money Laundering Act, Prevention of Money Laundering and Funding of Terrorism Regulations, in situations where it is not feasible to refer to the Implementing Procedures - Part I.

The proposed guidelines aim to address various queries, including the application of beneficial ownership requirements and ongoing monitoring obligations in the context of both CISs and Investment Services Providers. Additionally, the document identifies the specific money laundering and terrorist financing risks that are associated with CISs and Investment Services Providers.

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