Background information about
AML compliance program:
Anti-money laundering and the combatting of financial terrorism (‘AML/CFT’) Legislation in Malta are regulated by: Prevention of Money Laundering Act (PMLA) – Chapter 373 of the Laws of Malta; Prevention of Money Laundering and Funding of Terrorism Regulations – Subsidiary legislation 373.01, and Criminal Code – Chapter 9 of the Laws of Malta.
There are two AML Regulators in Malta:
- The Financial Intelligence Analysis Unit (FIAU)
- The Malta Financial Services Authority (MFSA)
With PMLA, Malta established FIAU – national Maltese institution responsible for preventing money laundering and financing terrorism. FIAU is responsible for collecting and investigating financial crime information.
MFSA is a public institution that regulates and supervises financial institutions. The task of the institution is to regulate banks, credit institutions, electronic money institutions, investment companies, and all other financial institutions and ensure economic stability. MFSA publishes AML regulations and guidelines that support Maltese legislation. MFSA and FIAU jointly conduct AML / CFT audit in Malta.
Money Laundering Act Malta:
About penalties applicable to individuals and legal entities convicted of money laundering.
Article 3(1) PMLA establishes that the punishment is a fine not exceeding €2,500,000.00 (but not less than €50,000) or imprisonment for a period not exceeding 18 years (but not less than 4 years) or both.
As for legal entities, there are three punishments: that given to the actual individual within the corporate body; the penalty given to the corporate body; and the subsequent forfeiture of proceeds of the corporate body by the Government.
Furthermore, Article 21 PMLFTR provides for administrative penalties that may be awarded according to the circumstances of the case amounting to not less than €1,000 and a maximum of €5,000,000 or not more than 10% of the total annual turnover according to the latest available approved annual financial statements of that entity.
In terms of false declarations and due diligence, there can also be imprisonment.
for AML audit program:
Three tiers of service are possible, starting from basic screening services, to dedicated high-tech platform available for subject persons to use, to full-service platform including automatic risk assessment and online data management system.
Save money, reduce time, effort with our customized and fully automated resources.
Our risk management software is a cloud based anti-money laundering and client due diligence platform, designed for financial, igaming, cryptocurrency industries that helps manage suspicious activity monitoring, reporting and alerts.
- Bespoke document requests;
- Manage AML Policies & Procedures;
- Automatically schedule client reviews;
- Detailed event logging;
- Digital ID checks;
- Custom client portal for document upload;
- Entity and individual name screening against commercial databases for international sanction;
- Adverse media and PEP screening.
In view of the difficult times being experienced at the moment, we are offering the first three months at no cost (terms and conditions apply).
Industries we serve:
AML for Financial Services (FinTech):
The financial services industry is currently under the microscope.
We’ll help you manage your risks – create and implement the AML/CTF program for your business and products, doesn’t matter how simple or complex they are.
You can be sure, with us, you meet all of your compliance needs.
AML for gaming businesses:
Although AML laws are the same for all industries, betting still has some specifics since the chances of coming across money laundering are higher in Gaming sector than in others.
To prevent betting from becoming a source of crime, we will help you to develop a thorough AML compliance program—a program that defines how the company detects, accesses, and reports financial crime.
AML for Crypto Market:
The cryptocurrency is popular but still new at the same time.
The new reality is that most popular banks in the world are welcoming to crypto assets, but as crypto exchanges and cryptocurrencies are a fairly new market, they have many system gaps and are therefore more vulnerable to money laundering risks than other financial systems.
Organizations serving crypto exchanges are required to fulfill their AML and KYC obligations during the customer onboarding process.
With our AML Digital Solution, you can scan your customers for sanctions, PEP, and Adverse media data.
Anti-Money Laundering Audit from Griffiths + Associates
to protect and enhance your business:
We are offering a bespoke solution designed on the particular industries of the subject persons, in terms of AML legislation.
Contact us if you need:
- compliance program & escalation procedure;
- to know your regulatory obligations as a licensee;
- provide company-wide AML/CFT training to your employees;
- to update your company policies in line with ongoing legislative amendments;
- to reassess your company’s risk profile;
- customer screening & system for the ongoing customer transaction and activity monitoring;
- to reassess your customers’ risk profile.
Special offer for UK market – Enforcio Platform and AML solutions in United Kingdom