MFSA Issues Source of Wealth Guidelines & Self-Declaration Form

The Malta Financial Services Authority (MFSA) issued a notice stating that it will be accepting a self-declaration on Source of Wealth as part of the PQ requirements, in lieu of the audited statement of wealth the Authority had been requesting previously.  In this regard, the MFSA has published the SOW/SOF Self-Declaration form and associated guidelines on its website and informed affected individuals that this has come into effect, immediately.

The SOW Self-Declaration shall provide, in a detailed manner:

• Information on the individual’s net worth, whereby assets and liabilities are thoroughly detailed.; and
• Information on where such net worth came from, i.e. the economic activity, business, employment, investment, inheritance, etc. from where it is derived. The onus is on the Applicant to ascertain that such proceeds arose from legitimate business and commercial activities.

The Guidelines also emphasize that no single source is likely to account for the total value of net worth and it is therefore, expected that the individual provides a comprehensive picture of all the different sources contributing to his/her net worth with the respective documentary evidence.

For further information about the MFSA’s SOW Guidelines, please contact Ecovis GRC Limited by sending email to malta@ecovis.com