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.