INSIGHT Interview: Alan Cuschieri, Founder of Moneybase

by FinanceMalta
5th August 2022
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.
by Griffiths + Associates Ltd
29th July 2022
by Griffiths + Associates Ltd
25th July 2022
by BNF Bank plc
14th July 2022
by Bank of Valletta
3rd June 2022
by Infocredit Group Limited
19th May 2022
by The Malta Institute of Accountants
13th May 2022
by Griffiths + Associates Ltd
9th May 2022
by Griffiths + Associates Ltd
3rd May 2022
by Infocredit Group Limited
28th April 2022
by Infocredit Group Limited
8th April 2022
by Infocredit Group Limited
8th April 2022
by Ganado Advocates
24th February 2022
by Bank of Valletta
16th February 2022
by BNF Bank plc
12th January 2022
by BNF Bank plc
3rd December 2021
by Western Union Business Solutions
1st November 2021
by FinanceMalta
8th July 2021
by FinanceMalta
8th July 2021
by FinanceMalta
8th July 2021
by Bank of Valletta
28th June 2021
by FinanceMalta
18th June 2021
by Bank of Valletta
1st June 2021
by Bank of Valletta
26th May 2021
by Bank of Valletta
25th May 2021
by Bank of Valletta
18th May 2021
by Bank of Valletta
17th May 2021