Money laundering is the legalization process of revenues from criminal activities. Money laundering poses important threats all over the world. Enrichment of criminals with the income they earn from crimes can enable them to commit more significant crimes. The consequences can be unpredictably harmful. Due to the significant threats of money laundering, countries, and organizations across the globe have taken various measures. Regulators aim to fight financial crimes with various AML policies effectively. Malta aims to prevent financial crimes with the measures it takes.
Malta has enacted the "Prevention of Money Laundering Act (PMLA)" within the scope of combating financial crimes. With this law, Malta established the Financial Intelligence Analysis Unit (FIAU). The Financial Intelligence Analysis Unit (FIAU) is a national Maltese institution responsible for preventing money laundering and financing terrorism. The Financial Intelligence Analysis Unit is responsible for collecting and investigating financial crime information. If the unit examines the suspicious transaction reports and detects a transaction involving crime, the relevant action is initiated.
The Malta Financial Services Authority (MFSA) is a public institution that regulates and supervises financial institutions. The task of the institution is to regulate banks, credit institutions, electronic money institutions, investment companies, and all other financial institutions and ensure economic stability. With the AML / CFT Co-ordination Committee it is aimed to prevent money laundering and terrorist financing. The Malta Financial Services Authority (MFSA) publishes AML regulations and guidelines that support Maltese legislation. MFSA and FIAU jointly conduct AML / CFT audit in Malta.
Maltese AML regulations have been created to be compatible with FATF and European Union regulations. Financial institutions in Malta have to comply with Maltese AML regulations. In Malta, the gaming industry has to meet AML obligations with recent regulations. Regulated Organizations in Malta must have Money Laundering Reporting Officier. Organizations must meet Customer Due Diligence requirements and report suspicious transactions to authorized units.
Sanction Scanner provides AML solutions that help businesses operating in Malta meet their AML obligations. Banks, FinTech, money transfer companies, crypto exchanges, and casinos can accelerate their AML compliance processes with Sanction Scanner solutions.