The Financial Intelligence Analysis Unit (the “FIAU“) has issued a Consultation Document in relation to the Draft Regulations providing for the establishment of an Automated Centralised Mechanism for the Collection and Retrieval of Data on Bank Accounts, Payment Accounts and Safe Custody Services (the “ACM“).
By way of background, Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing introduced a new provision which requires an ACM to be established by Member States. By means of Act I of 2020, the FIAU has be designated as the authority responsible for the establishment, management and administration of Malta’s ACM and a new Subsidiary Legislation will be issued under the Prevention of Money Laundering Act (the “Act“) to this effect.
In this regard, the FIAU issued for consultation the first draft of the regulations which briefly seek to address the following:
a. Identifying the subject persons that would be required to report the data through the ACM and providing guidance on what data should be reported and the situations which trigger this obligation;
b. Delineating the FIAU’s powers and obligations in setting up, managing and administering the ACM; and
c. Identifying the authorities that will be granted access to the data as well as the conditions that shall be adhered to by such authorities.
In view of the above, the FIAU invites all credit and financial institutions to provide their feedback on the proposed regulations, preferably to the representative bodies sitting on the Joint Committee for the Prevention of Money Laundering and the Funding of Terrorism, by not later than Friday, 12 June 2020.
Feel free to contact us if you require an further information on the ACM.
