The Malta Financial Services Authority (MFSA) has issued guidelines as to the method of assessment of 'fit and proper' persons. The purpose is to evaluate applicants, both present and incoming, of their eligibility to operate in the financial services sector. The document highlights the four main conditions, there being: competence, reputation, conflicts of interest and independence of mind and time commitment, that need to be satisfied in order to give the necessary comfort to the MFSA that the obligations and duties of applicants can be fulfilled on an on-going basis.
The publication of such guidelines on the 2nd July 2019 follows last week's announcement on the establishment of a new Financial Crime Compliance team for the purpose of further strengthening supervision.
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