Following recent amendments to the Anti-Money Laundering Act earlier this year in line with the AMLD5 transposed into the Maltese Law, the FIAU (Financial Intelligence Analysis Unit) have widened their scope to provide and manage a Central Bank Account Registry (CBAR).
The system gathers the high level information on account types provided by institutions, namely;
- IBAN Accounts,
- Safety Deposit Boxes and
- Safe Custody Services.
Along with a list of accounts and high level details related to the accounts (no balances), additional information with regards to their involved parties are also required. The scope of data gathering includes both natural and non-natural person and some basic information such as; Name and Surname, Date of Birth, Residency, Identification Documents etc. for natural persons and registration name and number amongst others for non-natural persons. For each account, the persons involved with an account must be listed along with their account relationship details for example Main Account Holder, Beneficiary and so on.
Data provision is required by all credit and financial institutions in Malta which offer such services to their customers. This is to be provided on a 7-calendar day basis and all data must be provided for each submission.