On 18 September 2020 the Financial Intelligence Analysis Unit (the “FIAU”) published a revised version of the Implementing Procedures – Part II on the ‘Application of Anti-Money Laundering and Countering the Funding of Terrorism Obligations to the Virtual Financial Assets Sector’(the ‘VFA Procedures’).

The newly introduced changes relate to:

• The submission of Suspicious Transaction Reports (‘STRs’):-

Following amendments to the ‘Prevention of Money Laundering and Funding of Terrorism Regulations’ (Subsidiary Legislation 373.01 of the Laws of Malta), STRs should be promptly submitted to the FIAU.  Save for the exceptions as provided in the ‘Implementing Procedures – Part I’, STRs should be submitted on the same day when the Money Laundering Reporting Officer knows or suspects money laundering or funding of terrorism; and

• The red flags associated with the Virtual Financial Asset Sector:-

The FIAU encourages subject persons in the Virtual Financial Asset Sector to familiarise themselves with the FATF’s report on ‘Virtual Assets – Red Flag Indicators of Money Laundering and Terrorist Financing’ issued on September 2020 (the ‘Report’), as well as any updates and related documents.  The Report contains a non-exhaustive list of red flag indicators relating amongst others, to transactions, source of funds or wealth, and geographical risks.  The Report should assist the detection of unusual transactions, activities or behaviour by subject persons working in the Virtual Financial Asset Sector.

For more information kindly contact us on info@gmint.com .

Link to the revised VFA Procedures:

https://fiaumalta.org/consultation-publications/#implementing-procedures