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In carrying out their due diligence obligations, subject persons are continuously faced with the obligation to identify and verify the ultimate beneficial owner/s of their customer.

The Tax Credit (Persons Returning to Employment) Rules offer tax incentives designed to encourage people, especially women and long‑absent workers, to re‑enter the labour market.

External threats are escalating, with fraudsters leveraging advanced technology

Money launderers are always finding creative ways to launder proceeds of crime without being exposed.

This article highlights the important components of a subject person’s Anti-Money Laundering (AML) regime and the risk-based approach required to fulfil the regulatory requirements that are outlined in the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR), and the implementing procedures of the Financial Intelligence Analysis Unit (FIAU).

While traditionally subject persons have focused their efforts on the identification and verification of the customer and the underlying beneficial owner/s, less importance has been placed on understanding the Money Laundering and Financing of Terrorism (ML/FT) risk relating to the customer’s business activity, the source of wealth and the source of funds.

In today’s world of tightening regulations and an evolving risk landscape, companies are facing increased pressure to comply with Anti Money Laundering (AML) regulations to avoid hefty fines, reputational risk, and disruptions to their operations.

A company with a robust AML framework should have nothing to fear from an AML regulatory visit

The 4th AML Directive brought with it a mandatory risk-based approach, whereby subject persons must draw up AML/CFT policies and procedures commensurate to their risk appetite and to the risks that they are exposed to.

Cyberattacks aren’t just getting more frequent, they are also becoming significantly more vicious and sophisticated. Today’s cyberattacks are targeted and subtle, and the stakes are high.