The FIAU issues further guidance on the 2023 Risk Evaluation Questionnaire

The Financial Intelligence Analysis Unit (“FIAU” or the “Authority”) has informed Subject Persons that additional guidance has been published in preparation for the upcoming 2023 Risk Evaluation Questionnaire (“REQ”) conducted by the same Authority. The 2023 REQ shall be made available by the FIAU on its Compliance and Supervision Platform for Assessing Risk (“CASPAR”) as from the 1st March 2023, to be completed by Subject Persons.

In order to facilitate the process of completion and compliance with this obligation in a timely manner, the FIAU has published a new Frequently Asked Questions (“FAQs”), which provides Subject Persons the possibility of commencing the collation of the required information beforehand. The FIAU will also be further facilitating the completion of the 2023 REQ by providing specific guidance for each question.

The FIAU is empowered to request periodical reports from Subject Persons which enable it to gather all the information it deems necessary to fulfil its supervisory functions on a risk-sensitive basis. Thus, through the completion of the REQ, Subject Persons will be assisting the FIAU in carrying out its supervisory function in an effective risk-based manner.

The deadline for completion is the 13th April 2023. The Malta Gaming Authority (“MGA”) also emphasises the importance for gaming operators to adhere to this deadline, as failure to do so may result in incurring an administrative penalty by the FIAU.

Feel free to contact us for assistance or more information on the above.