MFSA and FIAU Consultation Document on Guidance for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for FinTechs
The Malta Financial Services Authority (MFSA) and the Financial Intelligence Analysis Unit (FIAU) have jointly issued the guidelines for financial institutions opening accounts for FinTechs. The Document is to assist such institutions to manage the risk of any prospective customer operating in an field of fintech, AI, DLT, IoT and cloud technologies in their application for opening a bank account.
Companies involved in the blockchain and cryptocurrency relocate to Malta due to the developed DLT regulatory framework of the country. However, these enterprises report the resistance of local banks in opening bank accounts and the lack of infrastructural support. The fixed rules within the industry will contribute to wide adoption of technologies and growth of banking sector in Malta.
The establishment of the guidelines in banking area will mitigate the risks that new technologies might bring along considering money laundering and financing of terrorism. The document also contains the detailed information regarding the data which institutions should request from operators to determine their regulatory status and be aware of their activities.
The consultation document is open to the feedback from industry participants and interested parties until 30 April 2019. The responses to be sent via email to email@example.com. The text of the Consultation Document on Guidance for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for FinTechs can be found via link – https://www.mfsa.com.mt/wp-content/uploads/2019/03/20190327_ConsultationDocumentAccountsForFinTechs.pdf
Should you have any questions regarding the DLT regulatory framework of Malta, get in touch via firstname.lastname@example.org or +356 2010 3020.