FIAU publishes its 2023-2024 AML/CFT Supervisory Plan

On the 25th July 2023, the FIAU published its supervisory priorities for the year 2023-2024. In determining the said plan, the FIAU has adopted a risk-based approached which was based on the information submitted annually by subject persons through the submission of an “Annual Risk Evaluation Questionnaire” along with data obtained from other sources such as other supervisory authorities.

The supervisory interventions which the FIAU will follow consist of on-site examinations which will be carried out at the premises of the subject person with some assessments carried out remotely and desk-based reviews being off-site examinations which entails the remote review of documentation and information provided by the subject person.

The FIAU established a plan indicating the supervisory intervention which will be carried out for the period of July 2023 to June 2024. This supervisory plan will impact:

  • Credit Institutions,
  • Financial Institutions,
  • Subject persons/Institutions licensed under the Retirement Pensions Act,
  • Long-Term Insurance Sector,
  • Investment Service Providers,
  • VASPs,
  • Collective Investment Schemes,
  • Remote Gaming Operators,
  • Persons authorised under the Trusts and Trustees Act,
  • CSPs,
  • Auditors,
  • Accountants,
  • Notaries,
  • Real Estate Agents

Should you be directly impacted by published supervisory plan or are seeking guidance on strengthening your AML/CFT procedures, please contact DF’s Financial Services team on dfcs@dfadvocates.com.


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