Compliance Services Malta

More often than not, business is all about trust and credibility. That is why everyone should be made aware of the counterparty they will be engaging and liaising with. This is sometimes an obligation imposed by the bank or by your prospective contractual partner. This is all part of the Know-Your-Customer (KYC) Process. This also ties in with the important element of Customer Due Diligence. This is an ever-increasing (and sometimes burdensome) requirement that can be found in most business relationships…especially when dealing with licensed entities!

DWP Dr Werner & Partner have the tools and expertise to perform holistic background checks on companies and persons that might be of interest to you or, as previously mentioned, to perform said checks on matters that might affect your own company. The result of this exercise is a file that has been compiled and assembled from the various business intelligence and professional research facilities that we have access to.

To put you in perspective: DWP Dr Werner & Partner can screen persons/entities against a list of up to 48,000 databases. Simultaneously, we also have access to Crimewatch and sanction lists as well as professional analysts performing ad hoc screening. This does not necessarily mean that you are ‘spying’ on business partners but most of the time it is just an orderly compilation and repository of data in accordance with current legislation and requirements – based on our experience in the field.

Most of the time, clients (insofar as being subject-persons themselves) rely on our knowledge and experience to help them put together a comprehensive framework to have sufficient compliance checks – commensurate to all AML/CFT legislation. Our guidance is also issued in terms of all GDPR Provisions and Record-Keeping Requirements – keeping in mind the latest updates as per the 5th Anti-Money Laundering Directive. Our erudition in the field of Compliance and Due Diligence is based on years of experience and incessant knowledge in this ever onerous and growing sector. DWP Dr Werner & Partner can provide advice on how to build a ‘Culture of Compliance’ within your organization – and this to ensure the utmost peace of mind that all information requested from your end is stored in a confidential manner.

Subject persons are continuously being subjected to increased regulatory responsibilities when it comes to compliance with anti-money laundering (AML) laws and regulations. Such laws and regulations need to be followed by a variety of subject persons who are generally involved in a number of activities, such as merger and acquisitions, corporate takeovers, appointment of new directors, and change in shareholding structures, amongst others.

The service of compliance will be offered in order to ensure that such parties will be totally in line with local AML obligations. The service will include analysis of all directors, all shareholders, all corporate entities, the purpose and nature of the business, the source of funds used in the transaction as well as the source of wealth of the ultimate beneficial owners, analysis of the jurisdictional risks involved, sanctions checks, and other forms of analysis that will ensure overall AML compliance.

In this respect, any subject person who fails to comply with local AML laws and regulations could be subject a number of fines and penalties, as well as the publication of the subject person’s name on the local authorities’ websites, which could lead to exposure to financial, legal, operational and reputational risks and damage.

We at DWP are aware of the repercussions of non-compliance, and our in-house experts will help you navigate through all the requirements needed to ensure AML compliance in a full and transparent manner.

What our Service includes

  • Sanctions Lists checks on Shareholders, Directors and Corporate Entities;
  • Adverse Media searches on Shareholders, Directors, and Corporate Entities;
  • Analysis of whether a Director or Shareholder qualifies as a Politically Exposed Person (PEP) as per local guidelines and how to deal with situations where PEPs are identified;
  • Conducting assessment of country/jurisdictional risk in relation to the business case;
  • Analysis of identification documents in order to assess if tampered or falsified;
  • Collection of information and supporting documentation in relation to source of funds and source of wealth;
  • General advice in order to ensure compliance with all local anti-money laundering laws and regulations;
  • General risk assessment of a transaction and/or business relationship and advice given on how to mitigate high-risk cases;
  • Advice on steps to follow if there is reasonable suspicion of money laundering in an occasional transaction and/or business relationship;
  • Advice on how to identify and verify Ultimate Beneficial Owners in complex corporate structures;
  • Advice on how to conduct transaction monitoring and identifying situations and transactions that may raise suspicion and other red flags

Who can benefit from our services

Subject persons that conduct relevant activities. Therefore, this covers a very wide selection of clients. Examples of clients can include: 

  • Businesses and Business owners
  • Auditors & accountants who take on new clients;
  • Real estate agents in conducting a property sale, or rental agreement;
  • Notaries and legal professionals when buying/selling property, managing client funds, opening and management of bank accounts, and creation of companies, trusts, foundations and similar structures;
  • Nominee companies that provide nominee services;
  • Gaming companies;
  • Natural and legal persons involved in mergers and acquisitions, corporate takeovers, appointment of new directors, and change in shareholding structure;
  • Financial Service Providers such as banks, securities firms, VFA Agents, insurance companies;

Why you should choose us for Compliance Services Malta

  1. We are constantly keeping ourselves up-to-date and abreast with all regulatory updates and developments in the field – this will ensure that clients will receive advice and services that are fully compliant with all up-to-date regulations;
  2. Staff with many years’ experience working in the regulatory, compliance, legal, and AML spheres, across a number of different sectors, both licensed and un-licensed;
  3. Highly skilled and educated staff with knowledge and erudition of the local regulatory landscape;
  4. Access to multiple screening databases that will be able to identify any sanctioned individuals, PEPs, and natural and legal persons who are subject to adverse media;
  5. Compliance with local AML laws which are transposed from the European Union’s 5th Anti-Money Laundering Directive (5th AMLD), thereby ensuring a European gold standard of AML Compliance.

What our clients say about our service

Key Contacts for Compliance Services Malta

Malcolm Wallbank

Frequently Asked Questions about Compliance Services Malta

Money laundering is described as the process by which the illegal nature of criminal proceeds is concealed or disguised in order to give a legitimate appearance to these illegal proceeds. This process is of crucial importance to criminals since it enables the perpetrators to make seemingly legitimate economic use of their criminal proceeds. When a criminal activity generates substantial income, the individual or group involved must find a way to control the funds without attracting attention to the underlying activity or the persons involved. Criminals do this by disguising the sources, changing the form, or moving the funds to a place where they are less likely to attract attention.

Money laundering affects subject persons because the financial system can be used to channel illicit gains, and therefore subject persons need to adopt measures to ensure that money gained through unlawful means is not channeled and laundered through the system. Therefore, subject persons are affected because they are required by law in order to implement internal systems to identify & mitigate risks of money laundering, and where suspicion of money laundering exists, subject persons are required to file a Suspicious Transaction Report to the Financial Intelligence Analysis Unit.

  • Prevention of Money Laundering Act (Cap. 373 of Laws of Malta);
  • Prevention of Money Laundering and Funding of Terrorism Regulations (Subsidiary Legislation 373.01);
  • FIAU Implementing Procedures.

The Financial Intelligence Analysis Unit is a government agency established under the Prevention of Money Laundering Act (Cap. 373 of the Laws of Malta). It is the entity responsible for the collection, collation, processing, analysis and dissemination of information to combat money laundering and the funding of terrorism. The Unit is also responsible for monitoring compliance with the relevant legislative provisions.

A business relationship describes a relationship that has an element of duration attributable to it. An occasional transaction refers to a one-off transaction that normally stops upon the provision of the good or service. The difference in treatment arises from the on-going monitoring obligations that are attached to business relationships. This means that business relationships must undertake on-going monitoring, which involves both transaction monitoring as well as keeping information, documents and data held on the customer up to date.

This ultimate depends on the complexity of the business case. Simple business cases can take up to a week, and the duration increases as the complexity of the case increases.

As an EU entity handling personal data, we are duty bound to process data in line with the General Data Protection Regulation (EU) 2016/679.

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