FIAU Annual Report 2024: Suspicious transaction reports rise to 9,430 as real estate sector sees 80% increase

Malta’s Financial Intelligence Analysis Unit (FIAU) received a total of 9,430 suspicious transaction reports (STRs) in 2024, marking a modest three per cent year-on-year increase, according to figures published in its latest annual report.

The report reveals a continuation of upward trends across most sectors, although the growth rate in filings is stabilising. The FIAU attributes this to “more consistent and steady” reporting behaviour, which it links to targeted outreach and guidance initiatives launched in previous years.

Reporting by sector

Remote gaming companies remained the largest source of STRs, submitting 3,670 reports – a decline from 4,205 in 2023, but still accounting for nearly 39 per cent of all reports submitted in 2024.

Meanwhile, other sectors recorded significant growth:

• Virtual Financial Asset (VFA) operators submitted 1,751 STRs, up 18.6 per cent from the previous year.
• Electronic money institutions nearly matched that figure with 1,657 reports, up from 1,042 in 2023.
• Credit institutions filed 1,140 STRs, slightly down from 1,308 the year before.

The real estate sector saw the sharpest percentage increase, with 65 reports in 2024, up from 36 the year prior – an 80 per cent increase.

The FIAU highlighted this as a direct outcome of risk analysis and outreach efforts targeted at the sector.

Individuals and legal entities involved

The total number of natural persons flagged in STRs reached 18,152, while legal entities involved totalled 6,003. These figures suggest an increased complexity and depth in reporting, with many STRs referencing multiple parties.

Compared to 2023, this represents an increase of:

• 12.3 per cent in natural persons (up from 16,165)
• 11.3 per cent in legal entities (up from 5,396)

International scope

A wide range of jurisdictions featured in STRs. Among legal entities:

• The United States topped the list with 2,619 mentions, representing 14.4 per cent of the total.
• Malta came second with 2,028 (11.2 per cent), followed by Finland (673), Italy (568), and Germany (518).

As for incorporation countries of reported entities:

• Malta led again with 13.05 per cent
• Cyprus and the United Kingdom followed, though each made up less than 1.5 per cent of the total.

The FIAU itself generated 489 internal reports in 2024, up significantly from 259 in 2023. This was largely due to spontaneous disclosures from foreign financial intelligence units, indicating stronger international collaboration and a more proactive domestic response mechanism.