OVERVIEW

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.

The BRSANALYTICS CBAR Add-On Module will allow the Reporting Entities to easily provide their data to the regulating entity the FIAU through the provision of;

  • An easy to use template to fill in (either through software or manually) the necessary details for accounts and involved parties

    • This facilitates data reviewing prior to submission

  • An XML Convertor using our BRSANALYTICS Toolbar to remove the technical complexities that any new XML Schemas may bring

  • Built-in 3 Levels of Validations as part of conversion process

    • This allows you to check your data to adhere to all requirements before you send it off to the regulator thus ensuring the correct data is generated immediately. Multiple errors in the submission of data, may, over time, water down the perceived credibility, legitimacy and integrity of the data being submitted and thereby negatively impact the professionalism of the institution behind the data in the eyes of the regulator. BRSANALYTICS CBAR, ensures full trust in both the entities submitting the data and the quality of the data being submitted.

  • Built-in API integration to seamlessly transmit your data to the regulator from within the toolbar (Q3 2020)

These reports have to be filed annually with the National Supervisory Authority of the country.

Our BRSANALYTICS CBAR Add-on Subscription ensures that you are provided with solution product updates when new schemas are published by the regulator, including updates to the validations being carried out, allowing you to focus on the data rather than technicalities.

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Contact one of our representatives for an appointment and we will be more than happy to answer any questions you may have.

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