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Compliance Risks Loom Large for Small Businesses in Malta

Small businesses in Malta are at risk of falling foul of regulatory requirements, which can have severe consequences on their reputation and bottom line.

The Importance of Compliance

The Malta Financial Services Authority (MFSA) requires licence holders to appoint a Compliance Officer, who must ensure effective compliance with regulations. Without an effective compliance function, the entire business is at serious risk of regulatory breach, non-compliance or attracting enforcement action by the regulator. This can lead to loss of reputation, business and even license.

Benefits of Effective Compliance

On the other hand, a tailored compliance function adds essential value to effective controls and monitoring mechanisms, resulting in good governance of the company. By having an effective compliance function in place, small businesses in Malta can ensure they are well-equipped to navigate the ever-demanding regulatory landscape.

Compliance Obligations for Small Businesses in Malta

For small businesses in Malta, it is crucial to understand their compliance obligations and ensure they have the necessary systems and procedures in place to meet these requirements. The Compliance Officer plays a vital role in this process, designing and implementing an effective compliance function, ensuring there is an up-to-date assessment of risk in place and having an effective monitoring programme implemented.

Responsibilities of the Compliance Officer

The Compliance Officer must:

  • Identify compliance and regulatory risks inherent in the business
  • Establish effective reporting systems
  • Provide appropriate training to promote awareness of relevant legislation and compliance culture within the entire business
  • Have an effective system in place to assess the risk posed by regulated business, monitor and evaluate the adequacy and effectiveness of measures and procedures put in place by the business

Regulatory Compliance Support from CSB Group

CSB Group provides regulatory compliance support to help small businesses in Malta build the necessary compliance capacity to fulfill their obligations and safely proceed with the attainment of their strategic objectives. Our services include:

  • Designing and implementing compliance monitoring programmes
  • Drafting customized policies, manuals, and procedures
  • Conducting investigations into regulatory or compliance breaches
  • Reviewing and assessing policies according to regulatory changes
  • Providing tailor-made training solutions

Mitigating Compliance Risks with CSB Group

By seeking support from CSB Group, small businesses in Malta can mitigate compliance risks and ensure they are well-equipped to navigate the ever-demanding regulatory landscape. View all our risk & compliance services at [insert website link]. Contact us today to learn more about how we can assist your business.