Dear SEO Letter: Findings from the 2024 Whistleblowing Thematic Review

Signed by Justin Baldacchino, Managing Director, Supervision, on 15 January 2025 and addressed to Senior Executive Officers of Authorised Firms, Audit Principals of Registered Auditors and Money Laundering Reporting Officers of Designated Non-Financial Businesses or Professions. Phase one issued a survey to 766 Regulated Entities and received 738 completed responses, a 96 per cent completion rate; phase two took a sample of 30 entities for desk-based review or visits. The review identified weaknesses in all eight areas assessed: whistleblower protection, policies and procedures, governance, training and awareness, reporting channels, feedback mechanisms, monitoring and testing, and record keeping, under a regime that came into force on 7 April 2022.