Regulatory Alerts2021-01-06
Added · Updated
Circular to Credit Institutions on Reporting on Correspondent Banking Payment Transactions
Credit institutions in Malta are required to report correspondent banking payment transactions on a semi-annual basis, including bank-to-bank transfers, customer-related payments, transactions with Payment Service Providers, and SEPA payments. Reporting must be submitted using a dedicated template that separates outflow and inflow data by correspondent and currency, with consolidated reporting applicable where relevant. Branches of EU/EEA credit institutions established locally under freedom of establishment and non-EU credit institutions licensed to establish a branch in Malta are excluded from this scope. The first reporting deadline for data with a reference date of December 2020 is 26 February 2021.
Circular Triq l-Imdina, Zone 1 Central Business District, Birkirkara CBD 1010 +356 2144 1155 communications@mfsa.mt www.mfsa.mt Circular to Credit Institutions on Reporting on Correspondent Banking Payment Transactions As part of its supervisory strategic plan, MFSA is engaging in enhanced analysis of local credit correspondent banking relationships. A similar focus had already been launched whereby MFSA had requested data for correspondent banking paymenttransactions processed during the first six months of 2020. The Authority is hereby informing all credit institutions that the Correspondent Banking Payment Transactions reporting is being requested periodically, with a semi-annual frequency. Correspondent Banking Payment Transactions consist of all transactions that go through a correspondent banking relationship, including bank-to-bank transfers and customer-related payment transactions. Transactions with other institutions such as Payment Service Providers and payments effected through SEPA are also in-scope. Credit institutions shall report this information using the dedicated template by providing data for outflow and inflow correspondent banking payment transactions separately, by correspondent and by currency. Detailed instructions and other relevant information for this data collection can be accessed through the ReadMe tab within the template. Credit institutions are required to report information relating to correspondent banking payment transactions on a consolidated basis, where applicable, and at individual level otherwise. Branches of EU/EEA credit institutions established locally under the freedom of establishment and non-EU credit institutions licensed to establish a branch in Malta, do not fall within the scope of this reporting. The first remittance date for reporting with reference date December 2020, is set on 26 February 2021. Submission This reporting template is required to be submitted to the Authority by email on Bankingdata@mfsa.mt. 6 January 2021
More like this from MFSA
MFSA published 9 documents in the last 30 days. We email you each new one the day it's published.