Risk Advisory regulations

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Anti-Money Laundering (AML)

Faced with increasingly interconnected global financial and trading systems, there is a recognition that efforts to tackle financial crime need to operate effectively both at the level of the nation state and across borders. Against this backdrop, the breadth and depth of anti-money laundering expectations keeps rising.

Malta is a hub for financial services and the online gaming sector and faces increased levels of scrutiny in the area of anti-money laundering. AML compliance is an important aspect of the commercial environment in which companies operate.

The price of non-compliance can be great. Aside from the real risk of criminal prosecution and administrative sanctions, AML shortcomings can have significant reputational risks, potentially endangering relationships with bona fide customers and suppliers and imperilling the availability of banking arrangements or the license to do business.

In June 2017, the EU’s 4th Anti-Money Laundering Directive (AMLD) came into force increasing the obligations on Maltese subject persons.

Deloitte has developed a suite of AML services suitable for all types of organisations and especially those operating in financial services and gaming. One service attracting much interest is an independent AML Enterprise Risk Assessment in order to meet new regulatory expectations. Our assessments are tailored for the 4th AMLD and are flexible enough to meet the needs to any organisation.

General Data Protection Regulation (GDPR)

The EU’s General Data Protection Regulation (GDPR) will come into effect on 25 May 2018, transforming the European Privacy landscape. These new regulations will affect both public and private bodies which handle personal data. This includes the data of individual clients as well as data of the organisation’s own employees.

The regulation introduces new or enhanced privacy rights leading to greater obligations on affected organisations. The regulation has teeth. For example, non-compliant companies run the risk of fines to €20m or 4% of the total worldwide annual turnover, whichever is higher.

Deloitte Malta’s GDPR service team includes IT, Risk and Regulatory specialists and a range of bespoke tools to assist organisation with their specific needs. We can help organisations bring their internal processes, security and systems in line with the requirements.

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