Malta: Regulators Release Joint Consultation on Guidance for Financial Institutions Opening Accounts for Fintechs

On March 27, 2019, the Malta Financial Services Authority (MFSA) launched, in cooperation with the Financial Intelligence Analysis Unit (FIAU), a public consultation regarding guidance for credit institutions, payment providers and e-money institutions that open accounts for companies harnessing financial technology, also known as fintechs.

The principle objective of the guidance is to assist the aforementioned institutions in gaining a better understanding of the inherent money laundering and financial terrorism (ML/TF) risks posed by fintechs as potential customers during the process of determining whether they should provide their services to such persons that are active in technology-reliant areas.

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