On the 3rd February 2020, the Financial Intelligence Analysis Unit (‘FIAU’) issued sector-specific Implementing Procedures applicable to subject persons operating within the Virtual Financial Assets industry.
The FIAU’s Implementing Procedures are binding in nature and are deemed to be effective as of their date of issue
The new Implementing Procedures provide detailed guidance as to the manner in which VFA Agents, VFA Service Providers and anyone conducting VFA offerings to the public are expected to ensure effective compliance with the AML/CFT obligations incumbent upon them by virtue of the Prevention of Money Laundering and Funding of Terrorism Regulations.
In a notification to the industry, the FIAU highlighted that subject persons (to which the Implementing Procedures apply) are not limited to entities which have been authorised by the Malta Financial Services Authority (‘MFSA’) to provide a VFA service or carry out a VFA activity, but also extend to entities which, following the lapse of the transitory period provided for by the Virtual Financial Assets Act, have notified the MFSA of their intention to submit a licence application in terms of the said Act.
The FIAU’s Implementing Procedures are binding in nature and are deemed to be effective as of their date of issue.
The full set of Implementing Procedures are publicly available and can be accessed through the FIAU’s official website at https://fiumalta.org/implementing-procedures/part2