Compliance regulations in relation to anti-money laundering (AML) and the combating of the financing of terrorism (CFT), have raised several challenges in Malta. Many entities who are subject persons to these regulations such as accountants, auditors, tax advisors, corporate services providers, notaries, legal professionals, tied insurance intermediaries, real-estate agents and more are seeking external help and guidance to understand and comply with local regulations.
Legislation in Malta is founded with the aim of combating offences of money laundering and the funding of terrorism. Penalties are applicable to legal entities and individuals, depending on the offense. Our AML/CFT compliance consultants can support you in building the necessary compliance framework specific to your business so that you can operate in full compliance and with peace of mind.
Our services include training and guidance on how to conduct due diligence and monitoring client databases and drafting customised policies, manuals and procedures. We can support you with the drafting of the Business Risk Assessments and Customer Risk Assessments as well as assisting you during investigations and onsite inspections.
Our firm, 3SIXTY Core Consultants is here to guide and assist you in any AML/CFT compliance obligations in Malta.
Two Subject Persons we regularly work with on AML/CFT compliance in Malta are the following:
Real-estate agents must comply with AML/CFT regulations to prevent money laundering and terrorist financing. This is because buying and selling property is a standard method of money laundering. Real estate agents facilitate transactions involving the transfer of high-value property between parties. Such transactions are susceptible to money laundering, so authorities require real-estate agents and other businesses selling valuable goods to perform Customer Due Diligence (CDD) and Know Your Customer (KYC) checks on their clients.
A notary is a Subject Person and so is legally bound to ensure proper Customer Due Diligence (CDD) and Anti-Money Laundering (AML) procedures. A notary requires detailed information from all the parties for each transaction happening. Legally, a notary requires to obtain satisfactory evidence of the identity of the parties involved since certain transaction overseen by notaries could possibly be used as a vehicle by criminals to legitimise illicit gains. For these reasons, a notary is obliged to request source of funds and ask for any documentary evidence deemed necessary. A notary is obliged to keep a record of the procedures undertaken and should hand out specific forms to be filled in by all the parties to collect information.
Our firm, 3SIXTY Core Consultants is here to guide and assist you in any AML/CFT compliance obligations in Malta, such as risk assessment procedures, CDD procedures, and other obligations related to AML/CFT compliance.