Regulatory Alerts2019-06-18
Added · Updated
FIAU and MFSA Joint Guidance Document for Institutions Opening Accounts for FinTechs
The document provides guidance to Credit Institutions, Payment Institutions, and Electronic Money Institutions regarding sector-specific risks associated with FinTechs. It aims to assist these entities in understanding risks and complementing due diligence procedures, including information and documentation requests for customer onboarding decisions. The guidance is non-binding and does not impose a new obligation to modify risk appetite, serving instead to support the risk-based approach under the PMLFTR and Implementing Procedures. In case of conflict with applicable laws, regulations, or rules, those legal instruments prevail.