KOMPLY Malta

We're #hiring a new CDD Support Officer in Mellieha. Apply today or share this post with your network.

🌍 𝗡𝗲𝘄 𝗘𝗨 𝗦𝗮𝗻𝗰𝘁𝗶𝗼𝗻𝘀 𝗔𝗴𝗮𝗶𝗻𝘀𝘁 𝗥𝘂𝘀𝘀𝗶𝗮 🛑 The EU has introduced a powerful new sanctions framework aimed at countering Russia’s destabilising activities globally. The "EU Russia Destabilisation Sanctions" will target individuals and organisations responsible for actions that undermine democracy, security, and the rule of law - not just in the EU but worldwide. 🌐 Key measures include asset freezes for those: 🔹 Disrupting democratic processes (e.g., election interference) 🔹 Supporting violent protests or silencing critics 🔹 Engaging in cyber-attacks or damaging critical infrastructure 🔹 Exploiting instability or conflicts in third countries This move gives the EU broader powers to address Russia's hybrid threats on a global scale. The EU are expected to publish the first designations of individuals and entities under this new regime in the coming days or weeks. #Sanctions #EULaw #RussiaSanctions #Compliance #RegulatoryUpdates #KOMPLY #financialcrimecompliance

𝗔 𝗧𝗿𝗶𝗯𝘂𝘁𝗲 𝘁𝗼 𝗮𝗻 𝗘𝘅𝘁𝗿𝗮𝗼𝗿𝗱𝗶𝗻𝗮𝗿𝘆 𝗡𝗼𝘁𝗮𝗿𝘆 𝗮𝗻𝗱 𝗙𝗿𝗶𝗲𝗻𝗱 Pierre Attard We mourn the loss of a remarkable individual.  He was the epitome of a gentleman—someone whose ethical standards were impeccable, whose intellect was unmatched, and whose heart was full of kindness. His passing leaves a void in the lives of his family, friends and anyone who knew him. He will forever always hold a special place in our hearts. Rest in peace, Nutar. Till we meet again!

🚨 𝑨𝒏𝒕𝒊-𝒎𝒐𝒏𝒆𝒚 𝒍𝒂𝒖𝒏𝒅𝒆𝒓𝒊𝒏𝒈: 𝑪𝒐𝒖𝒏𝒄𝒊𝒍 𝒂𝒅𝒐𝒑𝒕𝒔 𝒑𝒂𝒄𝒌𝒂𝒈𝒆 𝒐𝒇 𝒓𝒖𝒍𝒆𝒔🚨 The Council has just adopted a comprehensive package of new AML rules to protect EU citizens and our financial system from money laundering and terrorism financing. Here's a breakdown: 🔹 𝗨𝗻𝗶𝗳𝗶𝗲𝗱 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗶𝗼𝗻: For the first time, AML rules will be harmonised across the EU, closing fraud loopholes and extending obligations to new sectors like crypto, luxury goods traders, and football clubs. 🔹 𝗘𝗻𝗵𝗮𝗻𝗰𝗲𝗱 𝗗𝘂𝗲 𝗗𝗶𝗹𝗶𝗴𝗲𝗻𝗰𝗲: Tighter requirements, regulated beneficial ownership, and a €10,000 limit on cash payments. 🔹 𝗡𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗢𝘃𝗲𝗿𝘀𝗶𝗴𝗵𝘁: A directive will streamline national authorities' efforts in fighting AML and CFT, improving collaboration between FIUs and supervisors. 🔹 𝗡𝗲𝘄 𝗘𝘂𝗿𝗼𝗽𝗲𝗮𝗻 𝗔𝘂𝘁𝗵𝗼𝗿𝗶𝘁𝘆: Introducing the European Authority for Anti-Money Laundering and Countering the Financing of Terrorism (AMLA) based in Frankfurt, operational from mid-2025. AMLA will oversee high-risk entities and coordinate efforts with national supervisors. 🔹 𝗖𝗲𝗻𝘁𝗿𝗮𝗹𝗶𝘀𝗲𝗱 𝗕𝗮𝗻𝗸 𝗔𝗰𝗰𝗼𝘂𝗻𝘁 𝗔𝗰𝗰𝗲𝘀𝘀: Member states will provide FIUs and law enforcement authorities access to centralised bank account registers, aiding in tracing and confiscating crime proceeds. 🗓 𝗡𝗲𝘅𝘁 𝗦𝘁𝗲𝗽𝘀: The regulation will take effect in three years. Member states have two to three years to transpose parts of the directive. These measures mark a significant leap towards a safer, more transparent financial environment in the EU. 💪✨ Reach out on 𝗶𝗻𝗳𝗼@𝗸𝗼𝗺𝗽𝗹𝘆.𝗰𝗼𝗺.𝗺𝘁 for more information on how this development will impact business operations in Malta. #AML #CFT #FinancialCrimeCompliance #EURegulation #EUUpdate #Komply

🚨 𝗘𝗨 𝗘𝘀𝘁𝗮𝗯𝗹𝗶𝘀𝗵𝗲𝘀 𝗡𝗲𝘄 𝗙𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸 𝗳𝗼𝗿 𝗦𝗮𝗻𝗰𝘁𝗶𝗼𝗻𝘀 𝗼𝗻 𝗥𝘂𝘀𝘀𝗶𝗮 🚨 This week, the Council of the EU established a robust framework for restrictive measures against those responsible for severe human rights violations, repression of civil society and democratic opposition, and undermining democracy and the rule of law in Russia. This decisive move is a direct response to the escalating repression in Russia following the tragic death of opposition politician Alexei Navalny in a Siberian prison in February. 🔹 𝗞𝗲𝘆 𝗣𝗼𝗶𝗻𝘁𝘀 𝗼𝗳 𝘁𝗵𝗲 𝗡𝗲𝘄 𝗥𝗲𝗴𝗶𝗺𝗲: 𝗧𝗮𝗿𝗴𝗲𝘁𝗶𝗻𝗴 𝗣𝗲𝗿𝗽𝗲𝘁𝗿𝗮𝘁𝗼𝗿𝘀: The framework allows the EU to sanction individuals and entities supporting human rights violations. 𝗧𝗿𝗮𝗱𝗲 𝗥𝗲𝘀𝘁𝗿𝗶𝗰𝘁𝗶𝗼𝗻𝘀: Introduces bans on exporting equipment used for internal repression and for information security and telecommunication interception. 𝗟𝗶𝘀𝘁𝗲𝗱 𝗘𝗻𝘁𝗶𝘁𝗶𝗲𝘀 𝗮𝗻𝗱 𝗜𝗻𝗱𝗶𝘃𝗶𝗱𝘂𝗮𝗹𝘀: Includes the Federal Penitentiary Service of the Russian Federation and 19 individuals, including judges, prosecutors, and judiciary members involved in Navalny's case and other politically motivated charges. 🛑 𝗦𝗮𝗻𝗰𝘁𝗶𝗼𝗻𝘀 𝗗𝗲𝘁𝗮𝗶𝗹𝘀: 𝗔𝘀𝘀𝗲𝘁 𝗙𝗿𝗲𝗲𝘇𝗲: Targets’ assets within the EU are frozen. Travel Ban: Designated individuals are banned from entering or transiting through EU territories. 𝗣𝗿𝗼𝗵𝗶𝗯𝗶𝘁𝗶𝗼𝗻 𝗼𝗻 𝗙𝘂𝗻𝗱𝘀: EU citizens and companies are forbidden from providing funds to those listed. The EU remains deeply concerned about the deteriorating human rights situation in Russia, particularly amid Russia’s war of aggression against Ukraine. The EU condemns the harsh expansion of restrictive legislation and the crackdown on civil society, human rights defenders, independent media, political opposition, and other critical voices both within and outside Russia. Reach out if you need guidance on how to manage Sanctions Risk Exposure within your business. #HumanRights #EUSanctions #EU #Russia #Komply #SanctionsRisk #RiskManagement

Yesterday's The Malta Institute of Accountants (MIA) AML Conference provided the Accountants and Auditors sector with further insights on key considerations around AML. Some highlights from the day: ✅ Private / Public Collaboration: Emphasis on the significance of collaboration between the public and private sectors to achieve a shared objective, utilising the NRA as a guiding framework, and establishing proper procedures to detect and mitigate emerging risks. ✅ NRA: Importance of the sector familiarising themselves with its content and to ensure removing misconceptions about Malta’s financial sector composition, using it as a trigger event to embed key findings into subject persons' BRA and CRAs accordingly. ✅ AMLA: Key features of the new AML Framework with the ultimate aim of continuing to fight money laundering in the EU through a single integrated supervisory system across the EU, ensuring a level playing field for obliged entities through harmonisation of rules and regulations. It will also facilitate cooperation between supervisors and sharing of knowledge across EU Member States. The new regime is applicable as from 2027 (3 years after entry into force) and AMLA will start direct supervision in 2028. ✅ Roles of the MLRO & Board of Directors: Ultimate decision whether to onboard / retain certain relationships lies solely with the Board of Directors not with the MLRO.  The MLRO needs to be in alignment with the risk appetite of the BOD.  All stakeholders have personal liability. ✅ FIAU Supervision & Enforcement: Key Findings on Accountants / Auditors / CSPs and recommended improvements discussed.  The current Supervisory Plan will continue till June 2024.

Due to our participation in the GRC & ESG Summit last Friday, we postponed honouring the exceptional women in our office for International Women’s Day. We made sure to celebrate the female attendees of the Summit last Friday and, today, we extended our appreciation to all the remarkable women at KOMPLY with a relaxing massage at our workplace. #womenempowerment #employeeappreciationday

We participated in two panel discussions during the Malta Stock Exchange plc GRC & ESG Summit on AML Compliance and Trends in the Digital Age and on Identifying and Mitigating Money Laundering Risks. It was indeed an engaging two-day summit. Some highlights from the Summit: ✅ Joseph Portelli (MSE Chairman) emphasised the non-negotiable nature of GRC & ESG Culture. ✅ Hon. Clyde Caruana (Minister For Finance) stressed the importance of conducting business ethically, which fosters long-lasting relationships. ✅ Hon. Dr. Miriam Dalli (Minister For The Environment, Energy And Regeneration Of The Grand Harbour) discussed Malta's pursuit of a successful green transition, acknowledging both limitations and opportunities. ✅ Insights revealed the need for businesses to embrace AI while addressing challenges such as explainability, bias, and privacy. ✅ Recognising the risk of not adopting AI, discussions emphasised maximising its potential. ✅ AML best practices highlighted clear roles and responsibilities, with a focus on defining "what" and "how". ✅ Reflections on regulatory practices questioned whether the emphasis on compliance has overshadowed profit motives. ✅ Regulators emphasised the importance of analysing existing rules' effectiveness and enforcement’s effectiveness before implementing new rules. ✅ Risk culture is about doing the right thing when no one is looking. ✅ "Tone from the Top" emerged as a consistent theme across panels, underlining the significance of leadership in setting ethical standards. ✅ Effective boards require a balance of experienced non-executive directors, with a preference for generalists. ✅ Challenges at the board level include influence from beneficial owners, succession planning gaps, and lack of diversity. ✅ The effectiveness of codes of conduct and regulations hinges on societal integrity. ✅ Subject Persons are urged to go through the National Risk Assessment, adapt their compliance frameworks accordingly, and implement action plans accordingly. #GRC #ESG #MaltaStockExchange #EthicalBusiness #AI #Compliance #RiskManagement #BoardGovernance

It's a wrap! It was a thought-provoking two days. Stay tuned for some highlights

We are supporting Women for Women Foundation as part of the International Women's Day celebrations on our stand at the Malta Stock Exchange plc Governance, Risk, Complianceand ESG Summit. The theme for this year's Women's Day is Invest in women—accelerate progress, and KOMPLY supports this in its entirety.