FIAU’s new Risk Evaluation Questionnaire

09 January 2019

On 4 January 2019, the FIAU issued guidance on a new requirement on all subject persons in Malta: the completion of the Anti-Money Laundering and Countering the Financing of Terrorism Risk Evaluation Questionnaire (REQ). This will replace what was previously known as the Annual Compliance Report (ACR). The REQ will be an FIAU exercise to assist in their offsite monitoring of Maltese subject persons through the gathering of data which includes:

  • information on the setup of the subject person and services offered;
  • the subject person’s business risk assessment;
  • due diligence processes; and
  • quantitative data on customers and beneficial owners (where applicable).

Depending on the subject person’s relevant activity or relevant financial business, a different form would need to be completed on the FIAU’s Compliance and Supervision Platform for Assessing Risk (CASPAR).

Subject persons are not required to complete the REQ at this point in time, however, it is recommended that they familiarise themselves with the guidance and annexes issued.

FIAU guidance can be found here and annexes here - this has also been circulated by the Malta Gaming Authority through its MGA portal.

 

For additional information, kindly contact [email protected]