Organisations need to develop a robust regulatory compliance function in order to achieve their business objectives. This should include strong AML/CFT policies and procedures commensurate with the company’s risk appetite and the level of risks that it is exposed to, whilst meeting the stringent regulatory obligations.
Furthermore, a strong compliance culture will promote the effective implementation of policies and procedures and ensure a tight control framework. This will help protect the organisation from any risks should it be targeted by criminals or terrorists.
With hefty fines being applied by the financial authorities for AML non-compliance, being on top of your game, and having the necessary internal controls to ensure that you are in line with regulatory requirements, will allow your firm to safeguard its reputation and preserve its financial stability.
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 risks relating to non-compliance with financial regulations. Our team includes Certified Anti-Money Laundering Specialists (CAMS) with extensive experience in the AML area.
Working within an environment experiencing unprecedented levels of disruption while being subject to a stringent regulatory scenario is challenging for any firm. That is when you realise how important it is to be able to rely on a trusted partner.
| Development of AML frameworks | Independent assessment of AML frameworks | AML Remediation plans | Business Risk Assessment (BRA) |
Our AML compliance service offering includes the following services:
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On 09 June 2022, the Financial Services Commission (“FSC”) has amended the Competency Standards relating to the appointment of the Compliance Officer, the Money Laundering Reporting Officer (“MLRO”) and Deputy MLRO (“DMLRO”), as follows:
A robust AML framework is an essential element that subject persons must implement to protect their operations from being used by criminals.
Carrying out an independent assessment of your AML framework, other than satisfying legal obligations, will also provide you with peace of mind that it is adequately designed and effectively implemented to sufficiently mitigate risks faced by the entity.
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.
Regulatory scrutiny is part of the game.
Operations are at the forefront in the mitigation of money laundering and financing of terrorism risk.
Tax evasion is one of the areas which led to Malta being grey listed in June 2021 by the FATF.
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.
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.
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