The European Banking Authority (EBA) today notified the European Commission and Members of the European Parliament on the outcome of its enquiries in relation to the application of EU law on anti-money laundering (AML) in Malta by the Malta Financial Services Authority (MFSA).
The EBA has decided not to open a breach of Union law investigation into the MFSA, reflecting the recent supervisory actions taken by the MFSA and the current requirements of Union law.
Nonetheless, the EBA did identify significant concerns about the actions of the MFSA in some areas. They are outlined in the EBA's letter and the MFSA has informed the EBA about is plans to improve its authorisation and supervisory processes.
The EBA has asked the MFSA to report on a quarterly basis on the steps taken to implement these plans.