The FIAU's AML/CFT Supervisory Plan for 2023 - 2024 is a detailed plan of action of how the FIAU intends to conduct its supervision of Subject Persons in the coming months, including the focus areas to be prioritised during on-site visits, off-site visits, thematic reviews and supervisory meetings. The FIAU plan aims to support Subject Persons in the understanding and implementation of their AML/CFT obligations, to effectively combat money laundering and terrorism financing.

What should Subject Persons expect?

Subject Persons should expect compliance visits and related compliance requests from the FIAU as it rolls out its supervisory plan. Ensuring your business's compliance with AML/CFT policies and procedures is of utmost importance as the cost of compliance breaches , as well as the reputational and business risks, far outweigh any compliance obligations. At BDO, we understand the challenges subject persons may face in meeting these obligations, and we have tailored our advisory services to help you achieve compliance.

How can BDO assist?

BDO is here to assist Subject Persons in getting prepared for AML/CFT Supervisory visits and in implementing AML/CFT obligations. Here's how we can help:

• Preparation for FIAU's AML/CFT Supervisory Visits: With BDO's support, you can be well-prepared for FIAU's Supervisory visits, understanding the areas of focus and ensuring compliance with the FIAU's guidelines and expectations

• AML Compliance Review: Our team of experts will conduct a thorough AML Compliance Review to identify any areas of non-compliance and to assess the level of conformity of the arrangements in place to the applicable regulations

• Addressing Identified Gaps: in the event of any gaps identified during examinations or internal assessments, our experts will guide you in addressing these issues proactively, enabling you to rectify and strengthen your AML/CFT measures.

• AML Awareness Training: we can assist organisations in delivering tailor-made training to MLROs and/or key function holders overseeing the prevention of money laundering and the countering of financing of terrorism within an organisation. 

Have Questions? Contact us 

BDO Malta's AML/CFT team monitors the FIAU's guidelines and expectations to help subject persons comply with AML/CFT requirements. If you have any questions about your AML/CFT requirements or the FIAU's expectations, please contact Mr. Colin Calleja at colin.calleja@bdo.com.mt or Dr. Rebecca Bonnici at rebecca.bonnici@bdo.com.mt. Alternatively, get in touch with our AML team at info@bdo.com.mt