The Financial Intelligence Analysis Unit (the Unit) is a government agency established under the Prevention of Money Laundering Act (Cap 373 of the Laws of Malta – the Act). It is the entity 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. Credit institutions are amongst others designated as subject persons in terms of the applicable legislation (the Act, the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) as well as Sub-Title IV A of the Criminal Code) and are thus subject to the oversight and monitoring of compliance with the said legislation by the Unit. Moreover, the Implementing Procedures Part I, issued in terms of Regulation 17 of the PMLFTR, are binding on all subject persons as from the date of their issue. Credit institutions as also subject to Part II of the Implementing Procedures which are specific to the banking sector.