A compliance and supervision software solution that decreases the risk of fraud & money laundering activities

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The Financial Intelligence Analysis Unit (FIAU) is the national central agency in Malta that is responsible for the collection, organisation, processing, analysis, and dissemination of information to combat money laundering and the funding of terrorism.

The FIAU is an important source of financial intelligence for the Police in Malta for pursuing investigations and prosecutions of before mentioned illegal activities.


Since the launch of the new Compliance Management System (CASPAR) FIAU’s team have reported the following results:


Financial services and remote gaming are two prominent pillars to Malta’s economy, but they also bring above-average risk of and exposure to financial crime. In fact, suspicious transaction reports (STRs) increased by 270% between 2017 and 2018.

Given the increased risks brought about by these industries, FIAU required a robust solution to assist them in gaining in-depth insights on the nature of these businesses, the financial risk profiles of the operators and the nature of transactions being carried out, with the aim of accelerating the detection and response-time to threats and potential vulnerabilities.

“Our partnership with FIAU has further increased our capability and knowledge to understand better the financial intelligence sector. It has helped us develop the ideal system to gauge sector & SPs risk across the country. CASPAR is the core infrastructure of the business, and it empowers FIAU with in-depth detail about each SPs and acts as a CRM with advanced risk and reporting functionality. The system removed manual processes, beefed up security, and provided in-depth analysis & reporting which was previously not possible. Needless to say, this is only possible due to strong teams & relationships available on both sides that we have built over the past couple of years.”

Kevin Grixti

Product Owner, ICON


ICON was entrusted to assist the Financial Intelligence Analysis Unit (FIAU) with the development of a bespoke Compliance Management System (known as CASPAR) responsible for the collection, collation, processing, analysis and dissemination of information. With a view to combat money laundering and the funding of terrorism, the full extent of the solution involved:

  • An interactive easy to operate portal to capture obliged entity information and key data points that will link directly to the risk engine.
  • A sophisticated and innovative risk-based engine linked to the obliged entity data with key risk metrics that flags risk areas for action quickly.
  • A series of workflows and alerts for the compliance officers to respond in a faster manner to higher levels of risk, and to drive productivity savings, so that more on site visits and assessments can be conducted.
  • Comprehensive intelligent reporting and analytics to ascertain the bigger picture, identify trends and changes in patterns, so that risks can be managed, and incidents related to financial crime mitigated.
  • An integrated platform for the FIAU to collaborate with other national supervisory authorities to further strengthen and embed compliance monitoring practices.
  • The provision of a scalable solution allowing the FIAU team to easily evolve the solution and meet increased demands.

Given the highly sensitive nature of the data being gathered through the system, CASPAR has been developed with security as its foremost priority. The system dynamically ensures that each user can view information and take actions according to their permission level. Key importance was also placed to ensure the solution meets GDPR requirements. Penetration tests are also run periodically, to detect and stay ahead of any potential vulnerabilities.