Blog/AML Reviews Malta

AML Reviews Malta

20/04/2018

The Fourth Anti-Money Laundering Directive was first introduced to the EU in 2015 and brought sweeping changes to the financial industry. Regulations for financial compliance and reporting have become much stricter in Europe, and the Anti-Money Laundering Directive that is in place is much more complex and thorough than in the past.

What is Money Laundering?

Money Laundering is the process of passing money that was gained through crime through a business or organisation, essentially “cleaning” the trail, and freeing it for use. A massive amount of money laundering takes place in the European Union, and around the world, and the Fourth AML Directive was introduced to ensure this criminal activity, and the impact on the financial industry, is minimised.

What is an AML Review?

An Anti-Money Laundering (AML) review ensures a business is completely within compliance of the AML Directive. This involves identifying what products and services you sell, your organisation’s history, the geographic regions you serve, your financial health, and your policies. For a legitimate business, an AML review ensures there is no money-laundering taking place – but also ensures that every element of your business is in compliant with any updates in the laws, and completely protected from this type of fraud.

Completing an independent AML review is mandated by the AML Directive, but is also an important tool for protecting your operations.

At Active Offshore, we are compliance specialists, and part of our compliance services involves ensuring your business complies with the AML Directive. A complete risk-assessment will allow us to evaluate your business wholly and impartially and shows without a doubt that you are functioning legitimately, with no risk of fraud from employees or partners.

How is an AML Review completed?

When you work with Active Offshore Malta, our compliance monitoring programme gives you access to onsite visits that allow Active Offshore to truly evaluate your operation. When Active Offshore conducts an AML review, we’ll typically pull a number of files at random from your business and assess each of them to ensure each adheres to the policies and guidelines outlined in the Fourth AML Directive.

This review will include a review of your business practices, administration, and due diligence in ensuring your customers and clients are documented, maintained, and dealt with accordingly.

Why do I need an AML Review?

Money Laundering poses direct financial risks to an organisation. Even if the issue is not entirely financially devastating when it occurs, the adverse impact on your reputation is too significant to risk.

With the increased globalisation of business, particularly since the introduction of the EU, businesses are more vulnerable to the risks of Money Laundering. What’s more, with changing financial procedures and technologies to manage them, old systems may not provide enough control to ensure money laundering (and other fraud) is avoided.

With a review from Active Group Malta, you can understand the risks, and minimise them. We’ll review everything from your products and services to your customers and payment processing partners. When our review is complete, you can rest assured your business is in compliance or have our support in getting you there.

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HAVE MERGED FROM JULY 2018

Active Group and Optimus Group, two leading corporate governance and regulatory compliance service providers have merged to provide an enhanced and more extensive service to clients. This brings together the two most experienced corporate governance, risk management and compliance service companies in Guernsey.

Details of the new name and web site will follow but in the meantime please access either website for information.