FIAU noted 5% rise in Suspicious Transaction Reports in 2023

The Financial Intelligence Analysis Unit (FIAU) observed a 5% rise in Suspicious Transaction Reports (STRs), receiving 9,157 reports in 2023 compared to 8,740 reports in 2022.

“The Remote Gaming Sector continues to be the leading reporting sector. However, due to various training programs and support for subject persons, reporting has increased across most sectors. The response rates to the annual Risk Evaluation Questionnaire (REQ), a crucial source of information for the FIAU’s risk-based approach to supervision, improved to an average of 99% across both financial and non-financial sectors, with most sectors achieving a 100% response rate,” the FIAU said.

The FIAU presented its Annual Report for 2023. This report provides an in-depth overview of the organisation’s activities, achievements, and initiatives throughout the past year, “underscoring the FIAU’s dedication to maintaining high standards of regulatory compliance and sharing vital intelligence with law enforcement authorities both in Malta and internationally,” the FIAU said.

Collaborative Partnerships

The FIAU has developed robust collaborations with domestic and international stakeholders, including regulatory authorities, law enforcement agencies, and financial institutions, to combat financial crime effectively, it said. “The Unit has focused on enhancing both local and international engagement through a range of initiatives, including training sessions locally and abroad, conferences, Public-Private Partnerships, and participation in international forums. The Unit held no less than 18 formal PPP initiatives in 2023.”

Training and Education Initiatives

The FIAU said it is committed to being a key enabler of AML/CFT through training and education. “Staff from across the Unit participated in over 70 training initiatives, including panel participations, presentations, and knowledge-sharing sessions, with 13 of these being FIAU-led. Through these events the Unit engaged with over 3,500 participants. The FIAU also aims to engage the younger generation through school interventions and participation in student events having reached out directly to hundreds of students.”

The Annual Report presents a focus on the FIAU Strategy 2023 – 2026, with developments referred to up to June 2024. “It highlights some key achievements and areas where work is ongoing. Much of the efforts towards the strategy are very much behind the scenes. However, some noteworthy achievements are the organisation of two international events, which took place in January and June, and the recent launch of its new website.”

Alfred Zammit, Director of the FIAU, expressed satisfaction in the achievements highlighted in the report, stating, “The FIAU’s Annual Report 2023 speaks clearly of our steadfast commitment to protecting Malta as a jurisdiction, our economy, society, and the individual. We are always conscious of the responsibility we have to protect Malta’s future from the ills of financial crime.”  Zammit said he would like to thank not only the team at the FIAU but also the numerous stakeholders who contribute to the fight against ML/FT.

The Annual Report 2023 is now available to download on the official FIAU website.