Financial Crime World

Compliance Risks in Financial Institutions in Malta Pose Significant Threat

As the Maltese financial sector continues to grow and evolve, regulatory bodies are increasing their scrutiny of institutions to ensure adherence to Anti-Money Laundering (AML), Counter Financing of Terrorism (CFT) and General Data Protection Regulations (GDPR). KSi Malta, a leading provider of compliance services, has been at the forefront of assisting numerous market players in meeting these obligations.

Compliance Services

KSi Malta offers a range of services to various entities, including:

  • Notaries
  • Estate agents
  • Self-employed auditors and accountants
  • Corporate service providers
  • Small financial institutions
  • Blockchain companies
  • Gaming companies
  • Other identified subject persons

The firm provides tailored compliance frameworks that take into account local regulations while leveraging international expertise. With its affiliation with Morison Ksi global association, KSi Malta offers a comprehensive approach to compliance.

AML/CFT Compliance Programmes

KSi Malta assists financial institutions and other entities in achieving compliance with AML/CFT regulatory obligations, thereby avoiding possible financial ramifications and reputational damage. The firm provides:

  • Independent testing of AML/CFT Compliance Programmes
  • Thematic reviews on sensitive areas such as Politically Exposed Persons (PEPs) and High-Risk Clients

Services for Financial Institutions

KSi Malta’s in-house team of dedicated professionals can assist clients with a range of tasks, including:

  • Assistance with bank account applications
  • Preparation of ad-hoc customer due diligence documentation
  • Ensuring adequate due diligence documentation retention
  • Compilation of policies on risk, compliance, GDPR, and legal matters

Training and Support

The company provides training material focused on AML policies and procedures as well as financial crime compliance. KSi Malta also offers real-time support whenever required.

Expertise in Risk Assessments and Remediation Exercises

KSi Malta’s expertise extends to designing and carrying out risk assessments, formulating remediation exercises, and providing general business advisory services.

Conclusion

As the Maltese financial sector continues to face increasing regulatory pressure, it is essential for institutions to have a comprehensive understanding of compliance risks and requirements. KSi Malta’s expertise can help entities navigate these complexities, ensuring they remain compliant with regulations while minimizing potential risks and reputational damage.