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AML

#PEPs are a common topic of discussion in the world of #AML. In this article, the notion of PEPs and the risks involved when dealing with PEPs are considered.
Corporate and M&A

AML Insights 1 – Politically Exposed Persons

Who qualifies as a Politically Exposed Person? Politically exposed persons (or “PEPs”) are individuals who have been entrusted with a prominent public function. Regulation 2 of the Prevention of Money Laundering and Funding of Terrorism Regulations (“PMLFTR”) (Legal Notice 372 of 2017, as subsequently amended) includes a number of examples of roles which fall within the ambit of “prominent public function” which include heads of state, heads of government, ministers, parliamentary secretaries and members of parliaments. The definition provided in Regulation 2 of the PMLFTR also allows for the definition to be widened to include any person entrusted with a…
Zachary Galea
4th July 2023
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Investment Services & Funds

The Updated FATF Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers.

In 2019, the Financial Action Task Force ("FATF") adopted a Guidance for Risk-Based Approach to Virtual Assets ("VAs") and Virtual Asset Service Providers ("VASPs"). The purpose behind the Guidance was to help national authorities to comprehend and develop regulatory and supervisory responses to VAs activities or operations and VASPs, and to help private sector entities seeking to engage in VAs activities in comprehending their obligations with respect to anti-money laundering and countering the financing of terrorism ("AML/CFT") and how they can successfully comply with these requirements. The FATF updated its 2019 Guidance in October of this year. A brief outline…
Anthea Sammut​
23rd November 2021
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Banking & Finance

EBA backs EU Commission’s Efforts to Strengthen AML/CFT Framework.

On 19 August, 2020 the EBA published its response to the European Commission's Action Plan for a comprehensive Union policy on preventing money laundering and terrorism financing (ML/FT), largely throwing its support behind the Commission's Action Plan. In its response, the EBA has provided technical input designed to better guide the Commission in its implementation of the Action Plan. In the EBA's view, a comprehensive assessment of the current EU AML/CFT framework is necessary to ensure that the EU and the Member States are well-equipped with an effective set of tools in its AML/CFT arsenal. In endorsing the Action Plan,…
Simon Pullicino
24th August 2020