Money laundering occurs when criminals disguise the origins and ownership of funds to legitimise illicit activities. Anti-Money Laundering and Combating the Funding of Terrorism (“AML/CFT”) legislation in Malta and in other countries means that there are stringent obligations that need to be met.

Failure to maintain effective AML/CFT systems can result in the involuntary support of the aims of terrorists or other criminal enterprises, regulatory intervention resulting in substantial monetary penalties, and reputational damage.

An organisation’s AML/CFT controls can be easily undermined by a poor culture of compliance. Strong AML culture in an organisation can help prevent shortcomings and help identify issues before they become a concern.

For an organisation to develop strong AML culture, management buy-in and involvement is critical. Managing ML/TF risks and implementing integrated controls to meet compliance objectives should not be done in isolation.  

Our team is focused on robust, real-world solutions based on our experience in Malta and internationally. We understand you want a manageable, pragmatic framework that works within your business – and is fully compliant with the expectations of the regulator.

The KPMG Risk Consulting Advisory Services team can provide assistance across a broad spectrum of AML/CFT regulatory compliance and risk management services. 

Our services include:

• assistance in the design of the Company’s AML/CFT programme; the Company’s Business Risk Assessment (“BRA”) and Customer Risk Assessment (“CRA”);
• providing regular AML/CFT on-site compliance reviews and remedial services and providing recommendations for improvement;
• assisting in the drafting of AML/CFT policies and procedures so as to be in line with the local regulations;
• designing and delivering of tailored and focused AML/CFT training programmes aimed at various levels of the staff complement within your organisation;
• assistance with responding to regulatory inspections and requests;
• assisting in the preparation of regulatory returns such as the Risk Evaluation Questionnaire (“REQ”); and,
• providing other CDD and AML Consultancy Services.

Professionals

KPMG’s Risk Consulting AML/CFT professionals help clients identify and remediate vulnerabilities in their organisations.

Proven Experience

We can help you to understand and address your AML challenges with proven experience, solutions and results. Our AML team can help you meet heightened regulatory expectations and mitigate the risks associated with money laundering.

Best Approach

We have built up a detailed knowledge of the best approach to dealing with local regulators – including the Financial Intelligence Analysis Unit (“FIAU”), Malta Financial Services Authority (“MFSA”) and the Malta Gaming Authority (“MGA”).

The Right Team

It is therefore critical to have the right team on your side. We work with clients to identify, manage and mitigate their AML/CFT risk exposures in line with legislative requirements and industry best practice. 

AML Backgrounds

Our team has extensive AML expertise and include Certified Anti-Money Laundering Specialists (CAMS), as well as seasoned professionals, who have worked in a variety of AML assignments. Moreover, our team includes former regulatory examiners, who bring valuable perspectives to AML engagements.

Local and International Projects

We have handled large AML projects for clients locally and internationally and actively assist clients with compliance issues through audits, monitoring, training and ongoing advisory roles.