Anti-Money Laundering Services (AML Reporting & MLRO Services)
Over the past years, the financial services industry has been working to separate the business aspects of a company, from the Internal Control functions in an effort to increase accountability. The Prevention of Money Laundering and Terrorist Financing Regulations (PMLFTR) underline the importance of having adequate Anti-Money Laundering (AML) systems in place.
These regulations now also formally recognise agreements made by Funds which outsource AML functions to its Fund Administrator. You can now count on BOV Fund Services to manage your AML reporting requirements and be compliant with all financial crime regulations.
Moreover, all the funds in Malta except NAIFs, even those which are externally managed, are required to nominate a Money Laundering Reporting Officer, with the purpose of improved transparency in the financial industry. This role covers also the responsibility for the handling of any internal suspicious activities of a company which may be reported by employees. The MLRO will act as a point of connection between your investment fund, the Financial Intelligence Analysis Unit (FIAU), the MFSA, and any third parties involved.
BOV Fund Services offers professional MLRO services to Funds thanks to its experience and specialisation in the application of the provisions of the Prevention of Money Laundering Act of 1994. Our ongoing monitoring of the applicable regulations and the continuous developments in this area, make us an ideal partner to offer you solutions for this role.
As your fund’s MLRO, BOV Fund Services Limited will perform the following tasks:
· Monitor transactions on a regular basis;
· Reply on behalf of your SICAV to any queries or requests for information received from the FIAU in line with the PMLA as well as forwarding of any information;
· Record keeping documenting the support services provided for the period prescribed under the PMLA;
· Keep you informed of changes to AML legislation and any other relevant updates;
· Conduct independent AML compliance visits on your SICAV and service providers, whenever deemed necessary;
· Report on a quarterly basis to your Compliance Officer as well as to the Board of Directors which confirms (or otherwise) that your SICAV is in line with AML requirements during the reporting period, as well as document any areas of concern to your company’s Board of Directors.