Financial Crime World

Know Your Customer (KYC) Requirements in Malta: Compliance and Outsourcing Solutions

Introduction

As the world of Anti-Money Laundering/Counter Financing Terrorism (AML/CFT) compliance continues to evolve, businesses in Malta must remain vigilant and up-to-date with changing regulations. The increasing scrutiny from supervisory authorities has made it essential for companies to invest in compliance and training.

For small and medium-sized Subject Persons, the burden of AML/CFT compliance can be overwhelming. To alleviate this challenge, PwC offers an outsourcing service for Customer Due Diligence (CDD) obligations in accordance with Malta’s regulations.

The Importance of AML/CFT Compliance

In today’s business environment, the risk of non-compliance with AML/CFT regulations continues to increase. High-profile fines and investigations have highlighted the need for firms to effectively manage their AML/CFT risks.

By outsourcing your KYC onboarding process to PwC, you can ensure regulatory compliance, protect your reputation, and maintain a strong business presence in Malta.

PwC KYC Team

Our dedicated team of experts will assist in collecting, screening, and reviewing client due diligence documentation to ensure regulatory compliance and consistency. Our services may also include ongoing monitoring to guarantee that customer information remains up-to-date in line with local regulations.

By outsourcing your KYC onboarding process to PwC, you can:

  • Focus on growing your business while ensuring regulatory compliance
  • Retain decision-making authority regarding client onboarding
  • Benefit from our expertise and experience in AML/CFT compliance

Key Features of Our Service

Our service is tailored to meet your specific needs, covering all customer types, including individuals, companies, trusts, and foundations. We adhere to a consistent high standard in line with regulatory requirements.

We will help you design a risk assessment profile and assist with client onboarding decisions, allowing you to maintain control over the process.

The Service Process

Our KYC outsourcing service involves the following steps:

  1. You inform your prospective customer that the onboarding process will take place and request necessary documentation.
  2. PwC collects and verifies the KYC information and documentation, performing client screening as required.
  3. We provide you with a completed client profile and findings from our process.
  4. You make the decision to onboard or reject the prospective customer.
  5. Ongoing monitoring services may be provided to ensure customer information remains up-to-date in line with local regulations.

Benefits to You

By outsourcing your KYC onboarding process to PwC, you can:

  • Focus on growing your business while ensuring regulatory compliance
  • Retain decision-making authority regarding client onboarding
  • Benefit from our expertise and experience in AML/CFT compliance

Benefits to Your Clients

Our streamlined, faster, and improved client onboarding process ensures a better customer experience for your clients.

Other Ancillary Services in this Area

We offer additional services related to AML/CFT compliance, including:

  • Risk assessment and mitigation strategies
  • Regulatory updates and training
  • Compliance program design and implementation

Conclusion

By outsourcing your KYC onboarding process to PwC, you can ensure regulatory compliance, protect your reputation, and maintain a strong business presence in Malta. Our dedicated team of experts will assist in collecting, screening, and reviewing client due diligence documentation to ensure regulatory compliance and consistency.