The FIAU has issued a guidance note for limited Company Service Providers (CSPs) that are required to be registered by the MFSA. This follows the recent changes to the Company Service Providers Act and the rulebook published by the MFSA, which has resulted in the creation of three distinct company service providers i.e. authorised, restricted and limited CSPs.
A summary of the main takeouts from the Guidance Note is the following:
Limited CSPs
- will no longer be required to have a documented Business Risk Assessment (BRA), a documented methodology to risk-assess individual engagements and a documented Customer Risk assessment (CRA)
- are still required to be conversant with the results of the Natural Risk Assessment and the Supranatural Risk Assessment that are relevant to their activities.
- are still required to document the information collected to construct the risk profile and to have a list of engagements with the respective level of MT/TF risk presented by the given engagement.
- are not required to have documented measures, policies, controls and procedures.
- will not need to register themselves on CASPAR, but will be registered directly by the FIAU. Thus there will be no requirement to file an annual REQ,
- will be required to submit an annual return to the MFSA, which will be shared with the FIAU.
- will be required to register on goAML and thus still bound by the reporting obligations emanating from Regulation 15 of the PMLFTR i.e. file STRs and SARs as well as respond to requests received from the FIAU.
Disclaimer
The above does not constitute tax or legal advice and is up to date on the date it was published. Please ensure that you take appropriate advice from tax or legal professionals before making any decisions based on the above.
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