Stakeholders urged to enhance readiness for wave of regulatory change in fight against money-laundering

Stakeholders are being urged to enhance their readiness as Malta faces a wave of new anti-money laundering (AML) regulations, coupled with an upcoming Moneyval evaluation in a few years’ time. Preparedness is critical for firms, regulators, and the nation to address the changes introduced by the AML Directive, the establishment of the new European Union (EU) Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA), and stricter compliance obligations for accountants and auditors. Staying ahead of these developments is essential to safeguard Malta’s reputation and ensure compliance with regulatory obligations.

This emerged during the AML Conference 2025 hosted by the Malta Institute of Accountants (MIA) in collaboration with the Financial Intelligence Analysis Unit (FIAU). This Conference was organised as part of the ongoing efforts to continue addressing the important fight against money laundering.

Introducing the conference, MIA President Mr Mark Bugeja emphasised the need for stronger oversight, better risk assessments, and investment in advanced compliance technologies to meet the higher standards. He stressed that a single incident could harm years of progress and urged accountants to maintain high ethical standards to protect the profession and Malta’s reputation. “These developments highlight accountants’ growing role in AML compliance. We must ensure our firms and clients are prepared for increased scrutiny by strengthening AML processes and investing in Artificial Intelligence (AI)-driven monitoring.”

Ms Maria Cauchi Delia, Chief Executive Officer (CEO) of the Malta Institute of Accountants, highlighted the Institute’s key efforts, aimed in particular at ensuring that legislation in the sector should be risk-based, simplified, and transparent, without imposing unnecessary burdens. She also emphasised the need for the accountancy sector’s involvement in the legislative process and reaffirmed the Institute’s commitment to training and knowledge-sharing, urging members to stay informed and prepared for evolving regulations.

Alfred Zammit, Director of the FIAU, outlined the ongoing commitment to strengthening Malta’s AML framework and enhancing its state of readiness. Mr Zammit emphasised the importance of being fully prepared for the next Moneyval evaluation, calling for enhanced collaboration between the public and private sector, while urging practitioners to play an active role in safeguarding Malta’s reputation, understand the difficulties, and collaboratively find solutions. He also highlighted the FIAU’s role and preparations with respect to the new AML package to ensure that Malta remains compliant, and to facilitate implementation.

Dr Clara Borg Bonaci, Policy Officer at the European Commission, provided insights into the broader European context of the changes being implemented, with a particular emphasis on how the new EU AML Package is shaping Supervision across Member States.

During the Conference, various FIAU representatives provided an in-depth look at their expectations from the upcoming FIAU’s supervisory cycle as well as the key changes in the 2025 Risk Evaluation Questionnaire. They also shed light on matters such as reporting, policies and procedures, risk assessments, ongoing monitoring, and the need for continuous training.

The importance of thoroughly understanding the customer and their business activities, as well as being familiar with the company’s AML procedures before appointment, was highlighted by various speakers, including representatives of the MIA AML Committee, throughout the Conference. Additionally, the importance of the ability to identify red flags was demonstrated through the use of case studies and practical examples. The Conference also discussed how technology and AI can assist in enhancing AML compliance, while emphasising the importance of the human element throughout this process.

AML local perspectives were also shared by representatives of other key stakeholders in the industry, including Mr Kenneth Farrugia, (Malta Financial Services Authority), Dr Geraldine Spiteri Lucas (Malta Business Registry) and Dr Pauline Saliba (National Coordinating Committee for Money Laundering and Financing of Terrorism).

The MIA AML Committee contributed to the organisation of the AML Conference 2025.