scroll to explore

Importance of Anti-Money Laundering practices

Credit & Financial Institutions

Importance of Anti-Money Laundering practices

by Fairwinds Management Limited

13th May 2021

As months and years go by, we hear more about increasing cases of money laundering. These illegal practices, whether originating locally or offshore, effect other businesses in diverse sectors. Naturally, this means that more regulations are introduced to ensure that any risks of being exposed to such illegal activities are eliminated.

Since money laundering happens through a complex sequence of banking transfers or commercial transactions to make it look like money was obtained legally, two major legislations are in place. AML (Anti-Money Laundering) and CFT (Combating the Financing of Terrorism) aim at leading entities to obtain a richer financial crime insight to be able to operate without any risks.

For instance, in Malta, the Prevention of Money Laundering Act (Cap. 373) prevents businesses from being used to launder the proceeds of financial crime or even being associated with corrupt practices by understanding and addressing the present challenges.

As an example, risk assessments that include analysis of the business activity, countries in which such activities take place, as well as the type of clients, can detect whether an entity is at risk of being exposed to money laundering activities or not. Such ongoing assessments identify new risks and provide solutions to improve the performance by prioritizing risks and making informed decisions.

This is just an example of how a business can operate successfully. Other factors include anti-bribery and corruption policies, internal auditing, KYC procedures, collection of data, research, analytical reporting, jurisdiction risk and consultancy, and so much more! Failure to do so will lead to an organisation’s reputational risk to be at stake.

The team at Fairwinds Management Limited is well-trained and equipped to guide and assist clients to become compliant with global regulations by understanding and addressing their AML challenges to eliminate risks of being exposed to money laundering activities and conduct business in the most efficient way.

More details about such Anti-Money Laundering Advisory Services can be found here. You can also get in touch with the team on info@fairwindsmanagement.net for further assistance according to the class of licence and modes of business.

Credit & Financial Institutions

Importance of Anti-Money Laundering practices

'Credit & Financial Institutions' Related News Articles

EBA opinion on ‘de-risking’

The new MFSA banking rule 24 on internal governance

Creditinfo awarded license as Malta’s first Credit Bureau

BNF Bank engages Bortex and Luke Azzopardi for new corporate uniforms

BNF Bank wins again The Banker, ‘Bank of the Year 2021’ Award for 2nd Consecutive Year

Youth entrepreneurship with a fine human goal – BOV Chairman

Fitch affirms A+ Malta rating with stable outlook

‘Are You Ready for 2022?’ By Western Union Business Solutions

BNF Bank Participates in EY’s Future Realised Week 2021

Putting ESG at the Heart of our Operations – Bank of Valletta

New BOV Tas-Sliema Concept Branch Inaugurated

A single EU anti-money laundering rulebook – Charles Cronin

Gozitan Youth Entrepreneurship receives BOV Support

Several benefits for students with the BOV Club 2021

An overview of trade-based money laundering

BNF Bank is expanding the network of Express Deposit Machines

Dr Katya Azzopardi wins the BOV Prize in Medicine for 2021

BNF Bank employees get casual for generosity

Bank of Valletta stages a revival in profitability

Member Spotlight – Trust Stamp: Advancing Financial Inclusion in Emerging Markets from Malta

Member Spotlight – Borg Galea & Associates: Boutique Accounting Firm with Plans to Scale Up

Member Spotlight – Finductive: Part and Parcel of Malta’s Fastest Growing Industries

The role of Internal Audit within the AML Framework

Financing green energy investments

Digital Solutions can cushion the crisis and create opportunities

Banking on green with the BOV Energy Loans

Growth in contribution to the Gross Value Added (GVA), as well as in employment within Malta’s financial services industry according to the MFSA’s 2020 Annual Report

Financial Matters for Graduates

Open a term deposit with BNF Bank and enjoy higher interest rates

BOV Chief Executive Officer Rick Hunkin re-elected Chairman of the MBA

BNF Bank gives new life to its St Julian’s branch façade

A 40% increase in businesses shifting to BOV’s Digital Batch Payments

SAXO Bank Chief Economist optimistic for recovery in Malta’s Trade, Transport and Tourism

MFSA: Guidance on IT related Arrangements

Bank of Valletta holds 47th Annual General Meeting

Regenerating the economy – a business webinar on the new Malta Enterprise Schemes

The future of Trade, Transport and Tourism in Malta – a business webinar by BOV, Saxo Bank and Malta Maritime Forum

New BOV Securekey for Businesses

More Value for BOV Shareholders

Plan your future with Bank of Valletta

Bank of Valletta announces performance for the first three months of 2021

Bank of Valletta unveils new card designs

BOV increases Branch Cashier Hours and reopens Customer Outlets

Member Spotlight – FinXP CEO: “We are big believers in the crypto industry”

BOV staff go green beyond the hour

Home Green Home

Statement issued by BNF Bank

Bank of Valletta launches 3D Secure App for safer online shopping

Tackling the source of wealth and source of funds dilemma

BNF Bank warns on Scam alert

A GBC and BOV debate on Women in Entrepreneurship and Business

A BOV Eggcellent way to pay this Easter

Responsible banking practices: benchmark study 2021

Bank of Valletta increases daily limits of its Debit Cards

IFSP welcomes publication of new CSP Rulebook

Bank of Valletta announces further COVID-19 measures

Stronger security for online shopping with Bank of Valletta

BOV staff challenge inequality and gender bias

Viber Scam Alert – Central Bank of Malta

BOV Marsaxlokk Agency back in service

Generational Change driving Investor Sentiment

Welcome To Dolfin Europe

From Hope to Optimism – Webinar by BOV Asset Management

High Satisfaction ratings for the BOV Customer Service Centre

Banking on Green Energy

Preparing for AML regulatory visits

Bank of Valletta awarded Best Workplace Health Initiative

2021 Industry Outlook – Analysis of how sectors are positioned for recovery

Earn safe points this Valentine’s Day with BOV Cards

Bank of Valletta marks International Education Day