Malta’s Financial Regulator Promises To Actively Monitor Crypto Firms To Stop Money Laundering

    Change is coming to the Crypto Island. The Malta Financial Services Authority (MFSA) has recently promised to “actively monitor” all crypto-related companies in the country to stop them from engaging in money laundering.

    According to the reports, the regulator has released a three-year plan that ranges from 2019 to 2021. This plan will be the main guideline to determine how to monitor local companies to curb money laundering activities in Malta.

    To be able to do this, the agency will work more closely with two other agencies, the Financial Intelligence Unit of the country and the Malta Digital Innovation Authority. Together, these three organizations will join forces to go after people acting illegally.

    Malta Was Criticized for Lacking Good Anti-Money Laundering Policies

    These developments are a pretty clear response from Malta to the international community. The country was recently criticized by the European Commission for not having set up good Anti-Money Laundering policies. The International Monetary Fund (IMF) was another critic, so the country was being pressured into taking better measures.

    Malta got famous in the crypto world for being so friendly to crypto businesses and investors, but it seems that the honeymoon can’t last forever. The country, which is the home of several important crypto businesses such as Binance, is stepping to implement technologies and policies that will make its actions against money laundering more effective than they were before.

    According to Malta officials, a new technology called SupTech will be implemented to identity fraud and to prevent people from stealing money there. Many regulatory processes will be automated using this new tech. The licenses of local companies will also be audited in some cases.

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    Denis Miriti
    Denis Miriti
    Denis Miriti is an excellent writer that perfectly understands financial markets, which allows me to provide great quality of writing on the niche. I have 3 years of experience as a freelance Forex writer, creating educational articles, strategies, news re-written articles, forecasts and much more. Other skills include Bitcoin, Blockchain and Cryptocurrency writing.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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