MBR Onsite Inspections
The introduction of the Companies Act (Beneficial Ownership) Regulations imposed a new requirement on Legal Entities to submit beneficial ownership information to the Malta Business Registry (“MBR”). Moreover, Regulation 12 gave power to the Registrar to conduct onsite inspections to verify the information submitted by the legal entities.
Apart from that, the MBR, considering the fact that we were going through an FATF evaluation, went a step beyond and enhanced its due diligence process by started screening all individuals involved in a Maltese-registered entity using two screening tools.
These two topics will be discuss in detail during the webinar and even showing some examples of the screening process and issues identified during the onsite inspections.
Foundations, Associations & the Register of Beneficial Owners
The webinar will also discuss:
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- The various types of organisations;
- The main Players;
- Obligations of administrators;
- The Register of Beneficial Owner;
- Question time.
Andrew Schembri is the Head of the Compliance Unit at the Malta Business Registry. Andrew is qualified in Banking and Finance with more than 14 years’ experience in the finance sector. He started his career at the Registry of Companies when it was still part of the Malta Financial Services Authority as Desk Officer.
Amongst other things, he was responsible for vetting of documents submitted by registered companies, incorporation of new companies and certification of documents. He then moved to the Conduct Supervisory Unit within the Malta Financial Services Authority as Analyst where he was responsible for the supervision of Trustees and Company Service Providers including onsite inspections and investigations.
At the Malta Business Registry, he is responsible to ensure that companies are compliant with the regulations emanating out of the Companies Act and issue penalties accordingly. He is also responsible to oversee independent investigations and act on matters related to enforcement and compliance which includes coordination and communication with other Competent Authorities.
Dr Maria Schembri is a Senior Professional Officer at the Malta Business Registry. She graduated as a lawyer from the University of Malta and obtained a Diploma in Taxation from the Malta Institute of Taxation. During the law course, she gained notarial experience while visiting a Public Notarial office and obtained a warrant of a Notary. She further obtained a warrant of Lawyer and started her career as an associate with a leading accountancy and audit firm. She then joined another accountancy and audit firm wherein she was their sole legal advisor for providing legal and corporate services. She has been working with the Malta Business Registry for since September 2017. Currently, she works with the Malta Business Registry within the Foundations and Associations Unit.
Events resources will be sent by email after the delivery of the event.