Articles
While traditionally subject persons have focused their efforts on the identification and verification of the customer and the underlying beneficial owner/s, less importance has been placed on understanding the Money Laundering and Financing of Terrorism (ML/FT) risk relating to the customer’s business activity, the source of wealth and the source of funds.
Money launderers are always finding creative ways to launder proceeds of crime without being exposed.
This article highlights the important components of a subject person’s Anti-Money Laundering (AML) regime and the risk-based approach required to fulfil the regulatory requirements that are outlined in the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR), and the implementing procedures of the Financial Intelligence Analysis Unit (FIAU).
A company with a robust AML framework should have nothing to fear from an AML regulatory visit
In today’s world of tightening regulations and an evolving risk landscape, companies are facing increased pressure to comply with Anti Money Laundering (AML) regulations to avoid hefty fines, reputational risk, and disruptions to their operations.
Money launderers are always finding creative ways to launder proceeds of crime without being exposed.
Read moreThis article highlights the important components of a subject person’s Anti-Money Laundering (AML) regime and the risk-based approach required to fulfil the regulatory requirements that are outlined in the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR), and the implementing procedures of the Financial Intelligence Analysis Unit (FIAU).
Read more
While traditionally subject persons have focused their efforts on the identification and verification of the customer and the underlying beneficial owner/s, less importance has been placed on understanding the Money Laundering and Financing of Terrorism (ML/FT) risk relating to the customer’s business activity, the source of wealth and the source of funds.
Read moreIn today’s world of tightening regulations and an evolving risk landscape, companies are facing increased pressure to comply with Anti Money Laundering (AML) regulations to avoid hefty fines, reputational risk, and disruptions to their operations.
Read more
A company with a robust AML framework should have nothing to fear from an AML regulatory visit
The 4th AML Directive brought with it a mandatory risk-based approach, whereby subject persons must draw up AML/CFT policies and procedures commensurate to their risk appetite and to the risks that they are exposed to.
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Cyberattacks aren’t just getting more frequent, they are also becoming significantly more vicious and sophisticated. Today’s cyberattacks are targeted and subtle, and the stakes are high.
Read moreWhereas the introduction of tax harmonization could be problematic to a country like Malta, it is hard to determine the exact effect and magnitude that the introduction of a system of tax harmonization within the European Union would have on the Maltese economy
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Regular testing of existing capabilities and procedures will of course enhance the quality of the protection and its durability over time.
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