Financial Crime World

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MALTA: KNOW YOUR CUSTOMER (KYC) REGULATIONS - COMPLIANCE MADE EASY

In today’s rapidly changing landscape of Anti-Money Laundering and Counter Financing Terrorism compliance, small and medium-sized businesses in Malta are facing increasingly complex challenges. To remain compliant with Know Your Customer regulations, PwC is offering an outsourcing service to help firms navigate the complexities.

Benefits of Outsourcing KYC Compliance

By outsourcing the KYC onboarding process to PwC’s experts, businesses can focus on what they do best - growing their operations - while maintaining confidence in their compliance obligations. Our dedicated KYC team brings together experienced professionals who will assist clients in collating, screening, and reviewing all necessary client due diligence documentation, ensuring compliance with local regulations and procedures.

Who is Eligible for PwC’s Service

The service is tailored to meet the specific needs of all subject persons, including but not limited to:

  • Corporate services providers
  • Notaries
  • Estate agents
  • Lawyers
  • Funds and fund administrators
  • Financial institutions
  • Virtual financial assets exchanges
  • Accountants and auditors
  • Any other natural or legal person trading in goods where the transaction involves a cash payment of €10,000 or more

Key Features of PwC’s Service

Our service includes:

  • Customized solutions to meet individual business needs
  • Coverage of all customer types, from individuals to companies, trusts, and foundations
  • Consistent high-standard checks and deliverables that meet relevant regulatory requirements
  • Design of a risk assessment profile and assistance with client onboarding decisions

The Five-Step KYC Process

The five-step process involves:

  1. Requesting KYC documentation from the prospective customer
  2. Verification and client screening by PwC’s team
  3. Provision of a completed client profile and findings
  4. Decision-making on whether to onboard the customer or not
  5. Ongoing monitoring services, if required

Benefits for Clients

Our clients benefit from:

  • Focus on growing their business, as KYC administration is handled by experts
  • Retention of decision-making power, with receipt of the completed client profile
  • Regulatory compliance, ensuring that client profiles meet relevant regulatory requirements

Ancillary Services

Other ancillary services offered in this area include AML/CFT compliance solutions.

Conclusion

As the risk of non-compliance with Anti-Money Laundering, Counter Financing Terrorism, and Know Your Customer regulations continues to increase, firms must identify effective methods to manage their risks. PwC’s comprehensive KYC outsourcing service provides a trusted solution for businesses in Malta looking to ensure compliance while focusing on growth and development.