Our Articles

In the ever-evolving landscape of global finance, security and compliance are paramount. The SWIFT Customer Security Programme (CSP) 2024 introduces critical updates designed to bolster the integrity, consistency, and security of financial institutions worldwide.

Within our island, the buildup towards the annual Budget Speech has historically always been one of expectation. The Minister of Finance, Hon Clyde Caruana as well as other high ranking Government officials had already announced a number of measures such as the COLA to possibly alleviate this sense of expectation.

Forvis Mazars in Malta is an audit, accountancy, advisory, tax and legal services firm whose services can be leveraged by companies wishing to outsource their accounting and reporting requirements.

Mazars’ roots in Malta go back to 1998, when Paul Giglio and Anthony Attard started a small firm known as Attard Giglio & Co.

The Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) and the Implementing Procedures (IPs) emphasize the importance of monitoring the AML/CFT control framework on an ongoing basis, either through an independent audit function, or by engaging an independent consultant or an internal party who is independent from the operations. This article discusses how such reviews should not only focus on the fulfilment of compliance requirements, but also on identifying control failures.

In carrying out their due diligence obligations, subject persons are continuously faced with the obligation to identify and verify the ultimate beneficial owner/s of their customer.

"Over the years we have seen a radical change in the job market". Paul discusses the firm’s employer branding proposition, and how this is delivering the desired results, especially when it comes to bringing on board young talent at the firm.

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).

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.