On the 18^th June 2019, the Malta Financial Services Authority (‘MFSA’) and the Financial Intelligence Analysis Unit (‘FIAU’) have published a Guidance Document entitled “Guidance for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for FinTechs”. The publication of this document aims to support innovation within the FinTech sphere and safeguard the financial market.

The Guidance Document is the result of a joint public consultation issued in March 2019 for all stakeholders and industry participants to be able to submit feedback to the Authorities.

The Guidance Document is intended to assist such institutions to acquire a better understanding of the risks of any prospective customers, active in technology reliant areas, prior to servicing them. The Document is not binding, and it does not derogate from any of the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR), but rather provides additional assistance as to how the Institutions addressed therein may provide assistance to a prospective FinTech customer.

The Guidance Document can be downloaded from the MFSA Website on: https://www.mfsa.com.mt/news-item/fiau-and-mfsa-publish-joint-guidance-document-for-institutions-opening-accounts-for-fintechs/.