Malta Financial Services Authority consults on governance, due diligence and AML rules for aircraft leasing companies

The Malta Financial Services Authority has launched a consultation on proposed rules for notified aircraft financial leasing companies and related due diligence service providers. The framework would set admission and ongoing requirements for companies listed by the authority, covering eligibility, minimum asset thresholds, governance and substance, permitted activities, risk management and regulatory reporting. Listed companies would have to appoint an approved due diligence service provider, while their boards would remain responsible for ongoing legal and regulatory compliance. Service providers would conduct initial and ongoing fit and proper assessments of qualifying shareholders, beneficial owners, directors, senior management and other relevant persons. Aircraft financial leasing would be treated as relevant financial business, requiring listed companies to maintain anti-money laundering and countering the financing of terrorism systems and controls and appoint a money laundering reporting officer.