About Financial Crime Compliance
Financial Crime Compliance is a dedicated AML/CFT Supervisory Function established to strengthen the MFSA's role in preventing the use and involvement of Licence Holders in money laundering and financing of terrorism. The function is split into two focused teams; Onsite & Offsite. The Onsite Team operates alongside the FIAU in conducting AML related supervisory inspections on Licence Holders. The Offsite and Risk Analysis Team is dedicated to mitigating and detecting risks through constantly monitoring authorised persons.
The FCC's Offsite Team has extended the Function's supervisory reach by including elements of financial crime compliance within the compliance visits conducted by other Prudential and Conduct Teams. These elements take the form of a MLRO interview, where MFSA Officials probe MLROs on matters related to financial crime. Additionally, the Offsite and Risk Analysis Team communicates with Authorisation Teams for each Prudential Function. This enables the function to embed elements of financial crime compliance at the initial stages of the regulatory lifecycle of the Authority's Licence Holders.
Additionally, Financial Crime and Compliance also coordinates the collection of information from the various supervisory units and together with its own information, formulates the MFSA's input in relation to the local financial sector's Risk Assessment. Other remits of Financial Crime and Compliance are the delivery of various forms of training to both internal supervisory units within MFSA and also to external bodies. Furthermore, the Offsite team also coordinates information from various Functions within MFSA in respect of various Court Orders, Investigation Orders and Requests for Information issued by the Courts of Justice and the Police Corps respectively.