Malta’s Financial Intelligence Analysis Unit (FIAU) has set up a Compliance Monitoring Committee (CMC) to help enforce its regulations. This committee evaluates potential AML/CFT violations and identifies the most relevant administrative steps to address them. The CMC includes the FIAU Director, FIAU Deputy Director and senior representatives of the Supervision and Enforcement Section and the Legal Affairs Section.
The CMC looks into AML/CFT violations such as failure to timely submit any information that the FIAU demands, failure to periodically submit assessment reports requested by the FIAU, or any other deficiencies identified during a compliance review.
Before the CMC begins to evaluate the potential AML/CFT violations, subjects can submit their representations in a given time period. Based on the seriousness and repetitiveness of the violations, the CMC then decides the administrative steps that must be taken. The FIAU can levy an administrative penalty, or implement remediation or follow-up directives. It can also notify other supervisory authorities, order the termination of certain business relationships, or submit a written reprimand.
Source: FIAU, Malta