MFSA - Malta Financial Services Authority
Novum Bank Limited holds a banking license registered and regulated by the Malta Financial Services Authority (www.mfsa.com.mt).
The MFSA is the bank's regulatory and supervisory authority and the single regulator for financial services in Malta. It was established by law on 23 July 2002 taking over supervisory functions previously carried out by the Central Bank of Malta, the Malta Stock Exchange and the Malta Financial Services Centre. The Authority is a fully autonomous public institution and reports to Parliament on an annual basis.
The financial services sector incorporates all financial activity including that of credit institutions, financial and electronic money institutions, securities and investment services companies, regulated markets, insurance companies, pension schemes and trustees. The MFSA also manages the Registry of Companies and has also been appointed as the Listing Authority.
The organizational structure of the MFSA ensures that the regulatory and operational functions of the Authority are exercised within strict legal demarcations.
Malta is a jurisdiction that complies with and helps develop international best practice and is actively involved with the OECD, the EU and the Commonwealth in modelling global regulatory policy. The MFSA is a member of the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA). The Authority is also a member of the International Organization of Securities Commissions (IOSCO) and the International Association of Insurance Supervisors (IAIS) and a signatory of the Multilateral Memorandum of Understanding with other members of these Institutions.
FIAU - Financial Intelligence Analysis Unit
The Financial Intelligence Analysis Unit (www.fiumalta.org) is the bank's regulator and supervisor for AML (Anti Money Laundering) and CFT (Combating the Financing of terrorism).
FIAU is the national central agency in Malta that is responsible for the collection, collation, processing, analysis and dissemination of information with a view to combating money laundering and the funding of terrorism. The Unit is also responsible for monitoring compliance with the relevant legislative provisions.
The Unit became operational on the 1st October 2002 when it was established by virtue of Legal Notice 297 of 2002, which brought into force the comprehensive amendments to the Prevention of Money Laundering Act that were enacted by means of Act XXXI of 2001. Though set up as an agency within the Ministry responsible for finance, the Unit has separate judicial personality and operates autonomously from its own offices with its own staff.
The Financial Intelligence Analysis Unit serves as Malta’s FIU and is the entity designated to fulfil the responsibilities of a FIU set out in the European Union’s Third Money Laundering Directive (Directive 2005/60/EC) and the FATF 40 Recommendations.
The specific responsibilities of the Unit are detailed in Article 16 of the Prevention of Money Laundering Act. These include the following: Financial Analysis, Compliance Monitoring, Legal & International Relations.