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On the 30
th of April 2021, several amendments to the
Prevention of Money Laundering and Funding of Terrorism Regulations
(PMLFTR), were brought about through L.N. 199 of 2021. The scope of
this notice was to address shortcomings in relation to align with
EU Directive 2015/849 as well as other amendments relating to new
supervisory authorities and clarifications surrounding
penalties.
1)
Inclusion of more Supervisory Authorities -
Regulation 2 (1) of the PMLFTR has been broadened to include the
following authorities as supervisory authorities :
a) The Malta Business
Registry;
b) The Trading Licensing Unit limitedly
to its licensing function in relation to dealer in precious metals
and stones; and
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The reform to the Company Service Provider (CSP) regime
introduced on 16 March 2021 by the Company Service Providers
(Amendment) Act, 2020 brought with it a revamped CSP Rulebook
(Rulebook). As previously exempt CSPs continue to work towards
applying for their licences by the impending 16 May 2021 deadline,
they are also looking at what their obligations will be should they
be granted authorisation by the Malta Financial Services Authority
(MFSA). The same is being done by CSPs who were already registered
with the MFSA before the reform took place and who must ensure full
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Individuals and entities providing corporate services such as the provision of directorships, company secretarial services, registered offices or incorporations must as of Tuesday register as Company Service Providers with the MFSA.
The regulatory change, brought about through amendments of the Company Services Providers Act, gives the Malta Financial Services Authority oversight over operators who previously fell below a threshold established in the act.
These warranted professionals and operators must now fill in an application form to be registered as Company Service Providers with the MFSA.
The application form must be accessed from the MFSA website and submitted through the LH Portal from March 16 to May 16.