The transposition of the fourth Anti-Money Laundering Directive ('4AMLD') into Maltese law introduced greater monitoring and reporting responsibilities on obliged entities falling within its scope. The 4AMLD set high expectations on obliged entities, requiring them to ensure that appropriate steps are taken to identify and assess their risks relating to money laundering and terrorist financing, taking into account several risk factors including those in relation to their customers. Additionally, the 4AMLD requires obliged entities and member states to implement central registers on beneficial ownership, whereby corporate entities and trusts must disclose information on certain ultimate beneficial owners. This register must, among other things, allow for unrestricted access by subject persons, national competent authorities (including regulatory and tax authorities) and, in the case of legal entities, persons who can demonstrate legitimate interest. These, together with the already existing customer due diligence obligations necessitate, the collection and processing of personal data - how, therefore, do these requirements tie in with the laws relating to the protection of personal data?

On 25^th May, the General Data Protection Regulation (GDPR) will come into force across all member states in the European Union. The GDPR harmonises existing data protection laws and brings about several changes to current data protection practices. The GDPR introduces various principles which ensure that any personal data collected from data subjects is kept at a minimum, is not stored for longer than is necessary, and is accurate. Although the 4AMLD provides for compliance with certain data protection principles, it is crucial for obliged entities to understand their respective responsibilities under anti-money laundering and data privacy laws and ensure that they are striking the right balance between the two.

 

These, among other themes, will be discussed at Camilleri Preziosi Advocates' Data Protection and AML Conference, which will be held on 9^th March, from 2 to 6pm, at The Palace Hotel, High Street, Sliema. Please visit www.camilleripreziosi.com to reserve your place.