A 28-page guidance document has been issued jointly by the MFSA and the FIAU in a bid to ease the bottlenecks for fintech companies who find it impossible to open bank accounts.
The government’s dream of Malta becoming the ‘Blockchain Island’ was being held back by operators’ frustration. However, sources had told The Sunday Times of Malta some months ago that banks preferred to turn away the business rather than to inadvertently get into trouble for allowing activity which could lead to money laundering.
The authorities had expressed hope that this situation would be eased once operators were actually licensed by the MFSA but the document is aimed at allaying the banks’ fear. It was issued after a period of consultation launched almost three months ago.
“The document is designed to assist institutions to acquire a better risk understanding of any such prospective customers,” it says.
The document is mainly aimed at blockchain, virtual currencies and artificial intelligence, and acknowledges the specialised nature of the technology involved
The ‘Guidance Document for Credit Institutions, Payment Institutions and Electronic Money Institutions opening accounts for…
