Cognisant of the sector specific risks which may be brought about by FinTech, the Malta Financial Services Authority ( MFSA ) and the Financial Intelligence Analysis Unit ( FIAU ) have decided to jointly issue a Guidance Document for Credit Institutions, Payment Institutions and accounts for FinTechs. The Guidance Document is intended to assist such Institutions to acquire a better understanding of risks of any prospective customers, active in technology reliant areas, prior to servicing them. The scope of this Consultation is to obtain industry feedback in relation to this Guidance Document, which is annexed to this paper, prior to proceeding with its adoption.
Subscribe to:
Post Comments (Atom)
1 comment:
The MFSA’s initiative to provide guidance for institutions dealing with FinTechs is a proactive step towards managing sector-specific risks. As the FinTech landscape evolves, understanding the unique challenges posed by technology-dependent clients is crucial for maintaining financial integrity. Seeking industry feedback ensures that the final guidance is practical and effective. In parallel, discussions on regulations like the Swiss wealth tax illustrate the broader context of how financial policies must adapt to changing market dynamics while balancing innovation and risk management.
Post a Comment