Malta: FinTech account opening

The Malta Financial Services Authority (‘MFSA’) and the Financial Intelligence Analysis Unit (‘FIAU’) published (June 21 2019) a Guidance Document for Credit Institutions, Payment Institutions and Electronic Money Institutions Guidance Document for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for FinTechs, 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 Guidance Document is not binding nor does it provide any derogation from any obligations that a subject person has to fulfil in terms of the Prevention of Money Laundering and Funding of Terrorism Regulations (‘PMLFTR‘) but rather seeks to provide additional assistance as to how adherence thereto can be achieved when a prospective customer carries out particular activities. The guidance document must be read with the Implementing Procedures and any other relevant guidance document issued by the FIAU, as well as within the more general context provided by the PMLFTR.
(Available here: https://www.mfsa.com.mt/wp-content/uploads/2019/06/20190618_Guidance_OpeningAccountsForFinTechs.pdf)

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VFA Guidance issued

Mon May 27 , 2019
Malta has issued VFA Guidance via a booklet of frequently asked questions (but not, regrettably, frequently asked questions by lawyers). https://www.mfsa.com.mt/wp-content/uploads/2019/01/20190125_VFARFAQs_v1.01.pdf