Regulatory Alerts2018-10-15
Added · Updated
FIAU Guidance Note on AML/CFT Obligations in relation to Payment Accounts with Basic Features
The Financial Intelligence Analysis Unit clarifies that credit institutions must apply anti-money laundering and combatting the funding of terrorism obligations when offering payment accounts with basic features under the Credit Institutions and Financial Institutions (Payment Accounts) Regulations. The guidance specifies acceptable identification and verification methods for consumers without fixed addresses, asylum seekers, refugees, and individuals who cannot be expelled, including the use of specific Maltese authority-issued documents and EEA resident IDs. Credit institutions are required to conduct risk-sensitive ongoing monitoring of customer activity and maintain updated customer profiles to detect unusual or suspicious transactions.