Assistance with FIAU, MFSA or MGA compliance visits

The Financial Intelligence Analysis Unit (FIAU), Malta Gaming Authority (MGA), and Malta Financial Services Authority (MFSA) are pivotal regulatory bodies in Malta's financial services landscape. These authorities are tasked with ensuring that entities within their respective sectors adhere to regulatory standards, conducting compliance visits to verify adherence to these standards. While these visits can be intricate and demanding, proper guidance can streamline the process, enhancing efficiency and compliance.

FIAU and MFSA Compliance Visits :

The FIAU plays a critical role in the detection, prevention, and investigation of money laundering and terrorist financing in Malta. It oversees the compliance of designated nonfinancial businesses and professions (DNFBPs), which include real estate agents, legal professionals, accountants, tax advisors, and company service providers (CSPs). These DNFBPs must adhere to Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) regulations, necessitating registration with the FIAU and the reporting of suspicious transactions.

DNFBPs may face compliance visits from the FIAU, aimed at ensuring adherence to AML/CFT regulations. These visits, while crucial, can disrupt daily operations. Similarly, the MFSA is tasked with regulating all financial services activities in Malta, issuing licenses and conducting compliance visits to verify that entities meet regulatory requirements.

A2CO offers comprehensive assistance for FIAU and MFSA compliance visits, including:

Pre-visit reviews of AML/CFT policies and procedures.
Preparation assistance for required documentation.
Guidance and support during the compliance visit itself.

Such support aims to facilitate preparation, minimise operational disruption, and ensure regulatory compliance.

Different types of MGA Compliance Audits include :

System Audit – Conducted initially to ensure the presence of necessary technology and procedures.

System review – Ensures that operations are robust and sound.

Compliance Audit – In-depth operational review to verify adherence to legislation and biding instruments, including responsible gaming and anti-money laundering measures, and to ensure that approved procedures are in place.

In-depth information on MGA Compliance Audits is readily available for those seeking to understand or prepare for these evaluations.

Navigating compliance visits from FIAU, MFSA, and MGA can be complex, but with the right support, entities can enhance their readiness, reduce operational impact, and maintain stringent adherence to the necessary regulatory standards.

For comprehensive support or detailed information on managing compliance obligations, we encourage entities to contact A2CO for expert guidance. Our seasoned professionals bring in-depth knowledge and experience to provide tailored advice and practical solutions, ensuring full adherence to regulatory requirements. Let us help you mitigate risks, streamline processes, and maintain operational integrity. Reach out to us today to discuss your specific needs.