Prevention of Money Laundering Act (Cap. 373), article 26

26. (1) The Unit shall be responsible to ensure that subject persons comply with the provisions of this Act and any regulati ons made thereunder in so far as t hese are applicable to them. (2) The Unit shall carry out its responsibilities under sub-arti cle (1) on a risk sensitive basis a nd, in so doing, the Unit may: (a) authorise any of its officers, employees or agents, or any expert engaged under article 26A, on producing evidence of his authority, to require any subject person to provide him forthwith with such information or documentation as may be required in order to monitor compliance with the provisions of this Act and any regulation made thereunder and to answer a ny questions as the Unit may reasonably require for the performance of its functions under sub-article (1), and such officer, employee, agent or expert may demand access to any data, information or documentation, whether or however stored or held, that the Unit considers relevant to monitor compliance, and may take copies of such data, information or documentation whether digital or otherwise; (b) by notice in writing served on a subject person require that person to produce, withi n the time and at the place as may be specified in that notice, any documents as may be so specified in the notice provided such documents are reasonably required by the Unit for the performance of its fun ctions under this Act; (c) carry out on-site examina tions on subject persons with the aim of monitoring compliance with the provisions of this Act and any regula tions made thereunder; (d) make notes, take copies or recordings, whether digital or otherwise, of any data, in formation or documentation obtained or accessed by the Unit, or of any answers to questions posed by the Unit in the exercise of its powers under this sub-article. Added by: VII.2019.52. (3) For the purposes of pursuing its responsibilities under sub - article (1) on a risk-sensitive basis the Unit shall: (a) ensure that is has a clear understanding of the money laundering and funding of terrorism risks to which Malta is exposed; (b) take any necessary action and have access to any information or documentation that is necessary to assess and determine the money laundering and funding of terrorism risk profile of subject persons; (c) ensure that the risk profile of subject persons is reviewed on a regular basis and when there are significant developments in the management and operations of subject pers ons, and kept up-to-date; (d) ensure that the frequency a nd intensity of on-site and off-site supervision is determined on the basis of: (i) the risk profile of subj ect persons, as assessed and 28 CAP. 373.] PREVENTION OF MONEY LAUNDERING determined by the Unit; and (ii) the risks of money laundering and funding of terrorism to which M alta is exposed; and (e) when carrying out on-site and off-site supervision, take into account the degree of dis cretion afford ed to subject persons, under this Act, any regulations issued thereunder and procedures and guidance issued by the Unit, to adopt a risk-based approach to the im plementation of their anti- money laundering and counter-funding of terrorism obligations envisaged under this Act, the said regulations, procedures and guidance. Renumbered by: VII.2019.51. ( 4 ) W h e r e t h e d a t a , i n f o r m a t i on or documentation required, sought to be accessed or demande d under sub-article (2) are not provided, the Unit may require the subject person to state, in writing, why such data, information or documentation, or access, could n ot be provided. Renumbered by: VII.2019.51. (5) Subject to the provisions o f article 27, a supervisory authority is, for the purposes of sub-article (2)( a), considered to be an agent of the Unit. Engagement of experts. Added by: XXVIII. 2017.12.