This week’s Subject Matter is about the Suspicion of Cash Restriction Breach Report (SCRBR)

On March 09, 2021, the Government of Malta issued the Use of Cash (Restriction) Regulations to strengthen its AML/CFT framework, under which the FIAU-Malta has introduced a new report type i.e. Suspicion of Cash Restriction Breach Report (SCRBR) on the goAML platform, available post January 01, 2024. The main purpose of the SCRBR is for subject persons to report known or suspected breaches of the Cash (Restriction) Regulations directly to the Cash Restriction Section within the FIAU.

Via these Regulations, it is a criminal offense to carry out a transaction in cash amounting to EUR 10,000 or more (or its equivalent in another currency), whether in a single transaction or several linked transactions. This restriction applies only in respect of the sale or purchase of –
• Sea-craft
• Works of art
• Motor Vehicles
• Immovable property
• Jewelry, Precious Metals, Precious Stones, & Pearls
• Antiques