The Malta Independent 7 July 2020, Tuesday

Ifs Malta event on the FIAU Revised Implementing Procedures

Friday, 8 November 2019, 10:12 Last update: about 9 months ago

The Malta Institute of Financial Services in collaboration with the ARQ Group recently organised a specialised event for senior officials in the financial services, financial crime compliance and related areas, which focussed on better understanding the Financial Intelligence Analysis Unit Revised Implementing Procedures.

The well attended event was very successful as it managed to bring together practitioners from across various sectors to interact with experts and discuss key regulatory issues and gain insight into what is required to instil a proper compliance culture to mitigate financial crime and safeguard our reputation.


Following a welcome address from ifs Malta Vice President, Peter Calleya, the session commenced with a presentation from Dr Manfred Galdes, Managing Partner of ARQ Group. The former Head of the Malta FIAU delivered very detailed and informative insight on risk assessment and risk management, highlighting international standards and what regulators expect and what businesses need to do when undertaking a risk based approach in their business activities.

Other expert members from ARQ's compliance team then delivered technical presentations. This included a detailed analysis of Customer Due Diligence and Transaction Monitoring by Martina Scalpello, an overview of the duties of the Money Laundering Reporting Officer and the obligation to report by Oliver Raine, and the obligations in respect of Reliance and Outsourcing of subject persons by Shawn Mangani.

Dr Galdes closed off the event by highlighting other relevant legislative and regulatory changes and developments, such as those dealing with data protection and sanctions screening, which also had to be taken into consideration with the FIAU Implementing Procedures.

President of ifs Malta, Kenneth B. Micallef, stated "the overwhelming response and success of this event are very encouraging, and show that industry professionals are receptive to the views of experts remaining keen to implement regulatory procedures in a proper manner for everyone's benefit. Ifs Malta is committed to fostering professional development and will continue providing specialised training at future events".


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