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Malta’s AML Policies and Procedures: The Key to Compliance

In a move to combat financial crime, Malta’s Prevention of Money Laundering and Financing of Terrorism Regulations (PMLFTR) has been consolidated by the Regulator to provide subject persons with guidance on their obligations and duties. At its core is the requirement for well-written, concise, and continually updated Anti-Money Laundering (AML) / Combating Financial Terrorism (CFT) policies and procedures that are proportionate to the nature and size of a business.

The Requirements

According to the PMLFTR, every subject person must have in place measures, policies, controls, and procedures that document internal processes for:

• Customer acceptance
• Risk assessment
• Compliance management
• Communication
• Employee screening

These internal controls must be continually updated and refined to reflect ongoing legislative updates and ensure that employees are aware of the established measures, policies, controls, and procedures.

BDO Malta’s Assistance

BDO Malta is well-equipped to assist subject persons in establishing AML/CFT policies and procedures that are commensurate with the money laundering and funding of terrorism risks they face. Our experts can also help ensure that regulatory or sector-specific requirements are reflected within documented controls.

The Importance of Compliance

In today’s complex financial landscape, having robust AML/CFT policies and procedures is no longer a nicety but a necessity for businesses operating in Malta. By ensuring compliance with the PMLFTR, subject persons can:

• Reduce their exposure to financial crime
• Maintain a strong reputation in the market

By implementing effective AML/CFT policies and procedures, businesses can demonstrate their commitment to combating financial crime and maintaining a clean reputation in the market.