Regulatory Alerts2018-01-25
Added · Updated
Supervisory Guidance Paper on ML and TF Institutional/Business Risk Assessment
The Financial Intelligence Analysis Unit and the Malta Financial Services Authority issued this non-binding guidance to assist subject persons in conducting money laundering and terrorism financing risk assessments. The document outlines a cyclical methodology requiring entities to inventory their business, identify inherent risks based on customers, products, geography, and delivery channels, and score likelihood and impact using defined scales. It mandates the determination of residual risk by evaluating control effectiveness against inherent risk and verifying whether remaining risks fall within the institution's approved risk appetite. Subject persons must document these assessments, keep them up-to-date, and implement additional measures to mitigate identified deficiencies.
More like this from MFSA
MFSA published 6 documents in the last 30 days. We email you each new one the day it's published.