AML Effectiveness Review
Traditionally, compliance reviews were mainly skewed to the design of policies and procedures against regulatory requirements. However, when put to the test, how effective are control frameworks in managing real ML/FT risk?
Financial crime risk advisory
Our specialist unit assists organisations by offering tailored support and solutions to meet their regulatory requirements.
The team also boasts industry-specific knowledge in sectors ranging from remote gaming, financial institutions, banking, investment services and insurance.
Over the past years, we have worked closely and cooperated both with the competent authorities, as well as various business entities, to deliver effective solutions in managing their risk exposure or investigations in relation to money laundering, terrorist financing, sanctions, tax evasion, and fraud. We offer the flexibility of providing different levels of support according to our clients’ requirements.
Our experts include Certified Anti-Money Laundering Specialists (CAMS), forensic accountants and certified internal auditors with extensive experience in the financial crime risk advisory area.
Business risk assessment (BRA)
The Business Risk Assessment (BRA) allows the subject person to ensure that the current business model is in line with its risk appetite. In order to be effective, it must be drawn up using reliable quantitative and qualitative data and be regularly revised.
Sanctions compliance programme
Maltese professionals are at risk of being used to severe the link between the ownership and/or source of funds of the sanctioned individuals and entities, and therefore evade or circumvent sanctions.
Tax evasion control reviews
According to thew FIAU, tax crimes feature in the top 3 of suspected predicate offences with respect to suspicious reports received. Furthermore, 2 of 3 action points in the FATF’s Action Plan during Malta’s greylisting related to the enhancement of the analysis to tackle tax offences, and to increase the enforcement to detect and investigate cases in line with Malta’s ML risks relating to tax evasion.
REQ
The data required to be reported within the REQ is substantive and thus the process requires substantial planning and coordination.
Remediation Plans
Regulatory scrutiny is part of the game.
Supervisory and Regulatory visits
Managing regulatory visits effectively requires careful planning and commitment from senior management. The amount of time and effort required to prepare for such a visit cannot be underestimated.
ML-related investigations
We boast a team of financial crime specialists with expert forensic knowledge and experience who can assist in the investigation of suspicious customer behaviour and activity.
MLRO support and training
Operations are at the forefront in the mitigation of money laundering and financing of terrorism risk.
Fraud Risk Management Services
Addressing fraud risk is a shared responsibility, starting with the Board and extending throughout the organisation.
Want to know more?
Alan Craig Advisory Partner - Birkirkara
Alicia Vella Advisory Director - Birkirkara
AML News
Latest news relating to Anti-Money Laundering in Malta
The Anti-Money Laundering (AML) Framework
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).
Preparing for AML regulatory visits
A company with a robust AML framework should have nothing to fear from an AML regulatory visit
The role of Internal Audit & the AML Framework
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.
AML risk in the iGaming industry
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.