AML/CFT frameworks gained additional importance throughout the past years in view of the global combat against money laundering and funding of terrorism (ML/FT). The ever-evolving regulatory sphere requires businesses to comprehend the legal obligations imposed on them as subject persons. This ensures that businesses have the necessary policies and procedures in place to avoid the misuse of their services for ML/FT or for other illicit purposes, whilst ensuring that these businesses are compliant with the applicable legislation. The AML/CFT legislation adopted in Malta is based on European Union Legislation and on the international standards of the Financial Action Task Force (FATF).

AML/CFT services that can be provided by our team include:

• Screening of customers and Sanctions advice;
• Advice on AML/CFT obligations imposed on subject persons, namely the collection of customer due diligence on a risk-based approach, record-keeping obligations, and reporting obligations and procedures;
• Assistance in preparing for and drafting the replies to compliance visits carried out by regulatory authorities;
• Assistance and representation of clients with regulators;
• Assistance and representation of clients in court proceedings and appeals.

FAQs

Which Sanctions are applicable under the Laws of Malta?

Sanctions issued under the National Interest (Enabling Powers) Act, and those issued by the Council of the European Union and the United Nations Security Council shall be adhered to by all persons in Malta.

What is Customer Due Diligence (CDD)?

Customer Due Diligence (CDD) refers to the collection of information and documentation with respect to a customer or a potential customer, enabling subject persons to evaluate the risk profile of their customers.

What is the Risk-Based Approach?

A risk-based approach means that subject persons shall understand the ML/FT risks to which they are exposed, and on the basis of this understanding, adopt the suitable mitigating measures according to the risk posed.