MiFinity Malta Limited has completed a comprehensive remediation programme in response to findings raised by the Financial Intelligence Analysis Unit following an AML/CFT compliance examination during May and June 2023, covering the 2021 and 2022 financial years.
The findings related to administrative deficiencies identified at the time in certain areas of the Company’s compliance framework, including governance, customer risk assessment and the operation and documentation of specific AML/CFT controls. The matter has now been resolved through the FIAU’s settlement process and a remediation exercise.
Since the examination, MiFinity has strengthened its compliance function through additional specialist resources, enhanced AML/CFT governance and oversight, and improvements to customer due diligence procedures, risk assessment and management, transaction and on-going monitoring and sanctions screening controls. Following completion of this work, the administrative penalty was reduced by 40% to €160,000 as part of the settlement.
MiFinity takes its regulatory responsibilities seriously and will continue to review and strengthen its controls. The Company’s services and day-to-day operations continue as normal.
