Regulatory Alerts2021-07-05
Instruction Number 02/2021 for Specified Businesses - Malta
The Guernsey Financial Services Commission requires specified businesses to apply full customer due diligence to existing relationships with Maltese entities following Malta's placement on the FATF's increased monitoring list. By 31 December 2021, firms must identify all business relationships where simplified due diligence concessions were previously applied to Maltese introducers, intermediaries, or Appendix C businesses, and remediate them to meet standard verification requirements. Where remediation is unfeasible, businesses must notify the Commission detailing additional risk controls or terminate the relationship and consider filing a suspicious activity report.
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