Publication of a Guidance Note on the Use of Cash and the Banking Sector

8th July 2022

The FIAU has published a guidance note on the Use of Cash and the Banking Sector.

It aims to provide credit institutions with directions as to how they can comply with their obligations under the Prevention of Money Laundering and Funding of Terrorism Regulations, and the relevant Implementing Procedures with respect to cash deposits and withdrawals. It provides a general direction on how the Banking Sector can mitigate the risks of ML/FT associated with cash, whilst also taking into account the Use of Cash (Restriction) Regulations. 

Although this guidance note is addressed to the banking sector, any subject person carrying out activities involving cash deposits and/or withdrawals, is to equally consider the directions, examples and red flags provided by the note when implementing their obligations at law.

Questions related to this Guidance Note are to be sent on the following email address: queries@fiaumalta.org.