Compliance Obligations Consulting Services
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 or individuals who are Subject Persons, as defined by the Prevention of Money Laundering and Funding of Terrorism Regulations, 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 in Malta 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 cost-effective, anti-money laundering advisory services will help you understand all imposed requirements and draft the necessary documentation in line with relevant laws as required by the local authorities. If you are starting up a new business or starting operations in your own profession, you need to make sure you start right on your AML obligations to avoid any reputational damage and hefty fines.
Our full services are listed here:
- Drafting of the Business Risk Assessment (BRA)
- Drafting of the Customer Risk Assessment (CRA)
- Drafting the Country Risk Assessment
- Drafting the AML Manual
- Drafting of the KYC Onboarding Document
- Staff Training in relation to AML/CFT Rules
- Assistance with the Annual Filing of the REQ
- AML Compliance Outsourcing
- Assistance with FIAU Audits and Inspections
- AML Consultancy Services
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. We can offer a full package or customised services for your needs.
Our firm, 3SIXTY Core Consultants is here to guide and assist you in any AML/CFT compliance obligations in Malta. Read more in detail about our AML/CFT compliance services here.