The provisions regulating Company Service Providers (CSPs) have continued to expand and be strengthened from both a regulatory and financial crime perspective. The most notable developments have been the coming into force of the revamped Company Service Providers Act (Cap. 529) and the issuance of the new CSP Rulebook by the Malta Financial Services Authority (MFSA). Additionally, Part II of the Implementing Procedures targeting CSPs has also been issued by the Financial Intelligence Analysis Unit (FIAU).
CSPs are also expected to adhere to a host of additional requirements imposed by various laws, regulations, as well as other rules and guidance – and face heftier penalties for non-compliance. Furthermore, they are required to deal with a number of regulatory and supervisory authorities, including the MFSA, the FIAU, the Malta Business Registry (MBR) and the Sanctions Monitoring Board (SMB).
Against this background, the course has been designed to provide a better understanding of the legislative framework as well as the main requirements that need to be satisfied on an ongoing basis to ensure compliance with regulatory, AML/CFT and sanction obligations. Special attention will be given to the duties and responsibilities of the following two key functions, who help ensure that CSPs continue to operate within the ambit of the law:
- The Compliance Officer; and
- The Money Laundering Reporting Officer.
The following two issues that had been previously highlighted by the Financial Action Task Force (FATF), and which continue to be under the regulatory spotlight will also be addressed as these require greater attention by CSPs:
- Beneficial Ownership; and
- Tax-related money laundering.