• Compliance Support

Compliance Support

In line with the Prevention of Money Laundering and Funding of Terrorism Regulations (‘PMLFTR’) an appointed and approved MLRO is to:

  1. receive reports from the subject person’s employees of knowledge or suspicion of money laundering or financing of terrorism (‘ML/FT’), or that a person may have been, is or may be connected with ML/FT;
  2. consider these reports to determine whether knowledge or suspicion of ML/FT subsists or whether a person may have been, is or may be connected with ML/FT;
  3. report knowledge or suspicion of ML/FT or of a person’s connection with ML/FT to the FIAU;
  4. respond promptly to any request for information made by the FIAU; and to
  5. submit the yearly REQs for each entity forming part of the subject person, of which he/she is appointed MLRO.

On the other hand, a Compliance Officer is an appointed official, acting as a key person within a regulated entity, whose role is to ensure that the entity complies with all laws under which it operates, and rules issued by the Regulator.

The Compliance Officer shall be expected to demonstrate independence of judgement and to exercise proper day-to-day supervision and control over the activity of the licensee.

MLROs are required to be officers within a subject person, thus have an existing employment relationship with the particular organization, enjoying sufficient seniority and independence whilst holding relevant knowledge and experience within the AML/CFT sector.

The function of a Money Laundering Reporting Officer, therefore, cannot be outsourced.

Nonetheless, BDO Malta is aware of the all-increasing duties and responsibilities assigned to MLROs and Compliance Officers alike.

BDO Malta can assist organizations with providing the necessary support to approved MLROs and to Compliance Officers that are specifically appointed in terms of licensee requirements to oversee applicable obligations emanating from the license itself.

In providing compliance support, BDO Malta takes on a sector-specific approach in relation to the particular compliance and regulatory monitoring obligations, in order to remain vigilant of all applicable rules and obligations required by the regulators, such as the MFSA and MGA.

Download the BDO Compliance Advisory Services Brochure.

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