Financial Crime World

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Malta AML Compliance: Best Practices to Avoid Fines and Reputation Damage

The financial sector in Malta, like the rest of the world, faces a significant threat from money laundering. It’s estimated that laundered assets are worth up to 5% of global GDP each year. The consequences of non-compliance can be severe, with global fines for AML failings totaling $5.35 billion in 2021 alone.

Identifying Gaps and Areas for Improvement

In response to these challenges, PwC has developed a dedicated AML Health Check Assessment to support obliged entities in Malta in identifying potential gaps and areas for improvement in their AML compliance programs. Our solution is designed to provide a holistic institutional view that can be tailored to any particular area of interest, including:

  • Culture: Assessing the organization’s commitment to AML compliance and identifying potential weaknesses in policies and procedures.
  • Governance: Evaluating the effectiveness of board-level oversight and ensuring that AML responsibilities are clearly defined.
  • Risk Management: Identifying and assessing risks across all business lines, including customer risk rating methodologies and transaction monitoring scenarios.
  • Monitoring Process: Reviewing Know Your Customer processes, transaction monitoring scenarios, and suspicious activity reporting procedures.
  • Staffing: Assessing the competence and training of personnel responsible for AML compliance and ensuring that they have adequate resources to perform their duties effectively.
  • AML Tools: Evaluating the effectiveness of AML software and systems used by the organization.

Our Expertise

Our experienced team of experts will work closely with your organization to identify areas for improvement and provide recommendations for remediation. We will also assist in developing a comprehensive AML compliance program that meets the requirements of the Maltese regulatory authorities, including:

  • Malta Financial Services Authority (MFSA)
  • European Central Bank (ECB)

Benefits of Working with PwC

By working with PwC, you can ensure that your organization is fully compliant with AML regulations and minimizes the risk of fines, reputation damage, and potential criminal prosecution.

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