Malta Financial Institutions Face Scrutiny Over Regulatory Compliance Issues
As Malta’s financial sector continues to grow and evolve, regulatory compliance has become a pressing concern for institutions operating within the country. The Malta Financial Services Authority (MFSA) has taken a closer look at the compliance practices of local firms, with many facing scrutiny over their adherence to relevant regulations.
Why Regulatory Compliance is Crucial
In response to these concerns, Chetcuti Cauchi has established itself as a leading provider of regulatory compliance advisory services for licensed entities in Malta. The firm’s experienced compliance specialists possess in-depth knowledge of the various procedures set up by the MFSA, allowing them to assist clients throughout the entire application process and ensure they adhere to all relevant requirements.
Our Regulatory Compliance Advisory Services
Our regulatory compliance advisory service is designed to provide licensed entities with expert guidance on any regulatory matter. We understand the importance of staying compliant and have developed a range of services to support our clients in this regard, including:
- Reviewing policies, procedures, and advising on the implementation of required changes in line with applicable rules and legislation
- Drafting policies, procedures, and compliance plans
- Providing advice on best practices and improving current systems
- Supporting Compliance Officers in dealing with regulatory reporting
- Conducting compliance health checks and performing mock visits
- Acting as Compliance Officers for clients before they obtain a license, providing guidance throughout the licensing stage
Establishing a Productive Regulatory Compliance Function
After obtaining a license, licensed entities are required to establish and maintain a productive regulatory compliance function that operates independently from other services carried out by the entity. This function is responsible for detecting any risk of non-compliance with legal obligations.
Our Role in Ensuring Regulatory Compliance
Our regulatory compliance specialists play a crucial role in ensuring that clients remain compliant with relevant regulations. We provide guidance on the appointment of Compliance Officers and their duties, including regularly monitoring and assessing the competence and productiveness of measures and procedures established by the entity to comply with its obligations.
Conclusion
Regulatory compliance is a critical issue facing Malta’s financial institutions, with many firms seeking guidance on how to ensure they remain compliant with relevant regulations. As a leading provider of regulatory compliance advisory services, Chetcuti Cauchi is well-positioned to support clients in this regard and help them navigate the complex regulatory landscape.