On 25th October 2023, the FIAU issued a Consultation Document on the Implementing Procedures – Part II for Collective Investment Schemes (“CISs”) and related investment service providers (“Investment Services Providers”).
The Consultation document outlines the FIAU's expectations and provides binding guidelines on how CISs and Investments Services Providers should satisfy their obligations under the Prevention of Money Laundering Act, Prevention of Money Laundering and Funding of Terrorism Regulations, in situations where it is not feasible to refer to the Implementing Procedures - Part I.
The proposed guidelines aim to address various queries, including the application of beneficial ownership requirements and ongoing monitoring obligations in the context of both CISs and Investment Services Providers. Additionally, the document identifies the specific money laundering and terrorist financing risks that are associated with CISs and Investment Services Providers.
The FIAU is encouraging stakeholders to provide their feedback on the Consultation Document via email at firstname.lastname@example.org, by no later than 31st December 2023.
Camilleri Preziosi will be providing its comments and feedback in relation to the consultation document before the 31st December 2023 deadline. For further information or questions on the proposed guidelines in the formal consultation document, kindly get in touch with Kirsten Debono Huskinson at email@example.com, Kyra Sammut at firstname.lastname@example.org or Peter Mizzi at email@example.com