FIAU annual report: 80% rise in suspicious transaction reports from real-estate sector in 2024

The Financial Intelligence Analysis Unit (FIAU) flagged a significant rise in suspicious activity within the real estate sector in 2024, according to its annual report published on Wednesday.

The FIAU reported receiving 9,430 suspicious transaction reports (STRs), a 3% increase over 2023. Reports from real estate agents soared by 80%, the most significant year-on-year rise among all sectors.

The FIAU attributed the spike to ongoing outreach and better understanding of anti-money laundering (AML) obligations by agents, following targeted risk assessments that revealed underreporting.

“Greater reporting from the real estate sector is not only welcome, it reflects improved awareness and our ability to reach sectors that were historically underrepresented,” the FIAU said.

In 2024, the FIAU issued administrative fines totalling around €750,000, down from €3.2 million the previous year. 

These were largely tied to failures in customer due diligence, poor transaction monitoring, and record-keeping breaches.

Company service providers, electronic money institutions, and remote gaming operators were among those hit with the heaviest penalties. The FIAU noted that enforcement actions were carefully assessed for proportionality and were aimed at deterring non-compliance.

The regulator also said its Compliance Monitoring Committee (CMC) reviewed the seriousness and repetition of breaches before imposing sanctions. Subject persons were given the opportunity to respond before final decisions were taken.

Meanwhile, the Centralised Bank Account Register (CBAR) remained a key intelligence tool, helping authorities access account data for use in financial crime investigations.

The FIAU also continued to oversee compliance with cash-use restrictions for transactions exceeding €10,000 in sectors such as property, vehicles, and luxury goods.

Looking ahead, the FIAU is preparing subject persons for upcoming changes under the European Anti-Money Laundering Authority (AMLA), which will introduce centralised oversight across EU Member States.

The full 2024 annual report is available at www.fiaumalta.org.