FIAU Issues 2023 Risk Evaluation Questionnaire Deadlines

Following the publication of its set of FAQs on the submission of Risk Evaluation Questionnaires (REQs), the FIAU has now published its timelines for submission.

Completion of REQs:

Subject persons will be able to access their respective REQs on the Compliance and Supervision Platform for Assessing Risk (CASPAR) portal as from 1 March 2023.  The FIAU reminds subject persons that the submission of REQs can only be carried out via CASPAR.

Submission Deadlines:

The deadlines for submission depend on the sector, which the subject person operates in.  The deadlines have been set as follows:

Subject Person Profile:

Furthermore, subject persons have to ensure that they populate their ‘subject person profiles’, accessible via CASPAR, with their updated information, which includes:

• Information on the subject person’s ownership and structure;
• Information on the group that the subject person makes part of (if applicable);
• Details of shareholders, beneficial owners and directors of the subject person;
• Information on the turnover and net asset values;
• Information on the target markets;
• Details of the subject person’s external auditor (if applicable); and
• A copy of the subject person’s business risk assessment.

The REQ issued in March 2023 covers the reporting period 1 January – 31 December 2022.

Contact our Anti-Money Laundering experts at Ecovis Malta for assistance throughout the preparation process for the submission of REQs, as well as to determine whether you are obliged to submit the REQ issued in 2023.