Are you ready for the 16th May 2021 deadline?
16 May '21
Prior Applicants Notification
16 Jun '21
Cease by 16 May '21
Current Registered CSPs
16 Sep '21
Applicants to Adjust
16 Nov '21
Are you a warranted professional offering incorporations, registered offices, directorship arrangements and other CSP services?
Are you a registered CSP who is in the process of new classification with the regulator?
Here’s why 16th May 2021 is such an important deadline for you.
Assistance with the Appointment of a Compliance Officer
Assisting with the Preparation of the Compliance Monitoring Programme & Principles
Code of Conduct
Anti-Bribery & Corruption Policy
Conflict of Interest Policy
Complaints Policy & Register
Breaches Policy & Log
Risk Management Framework
Business Continuity Plan
Disaster Recover Plan
Occupational Health and Safety Policy
- MLRO Engagement & Mentoring
- Business Risk Assessment
- AML/CFT Policy
- Customer Acceptance Policy
- Counterparty Identification Programme
- AML/CFT Governance Audit
- AML/CFT File Review
- Onboarding Support & Remediation
- AML/CFT Data Management, Ongoing Screening, Transaction
- Insights and Customer Risk Assessment through Kycmatic
MORE INFORMATION ON THE NEW FRAMEWORK
The CSP Regulatory Framework evolves through the new MFSA Rulebook.
Lawyers, accountants, auditors, warranted professionals, non-executive directors and MFSA-registered CSPs, offering CSP services as per the Company Services Providers Act (2013) Ch.529 Laws of Malta, including:
- Company and legal entity formations
- Directorships, company secretary or other similar positions
- Registered office provision or other related services
are now required to enhance their compliance setup to meet the MFSA expectations in three main areas:
Ensuring that all regulatory compliance emanating from the respective laws and rules are adhered to. This implies having an adequate compliance structure based on the nature and size of the business which includes having all the required policies and procedures documented and in place – but that they are also monitored in practice and the setup is following up what is going on, ensuring maintenance of and reporting on compliance matters.
This is a relatively new function that has been structured into a requirement. Risk management includes having systems in place whereby the setup looks at all the inherent risks, internal and external, to the business and sets out plans and management structures to monitor, mitigate and plan for the likelihood of such risks.
Anti-Money Laundering and Countering Financing of Terrorism remain core functions of the CSP sector and through the new framework are brought further into light. CSPs must ensure they have the necessary structure in place to ensure they are not only carrying out their AML/CFT requirements but are actively risk assessing and monitoring to avoid that they may be putting themselves into use by abusers of the system. The MFSA here refers heavily to the obligations set out in the respective AML/CFT legislation (referred to as the PMLA and PMLFTR) and FIAU requirements. The FIAU has also recently published its Implementing Procedures Part II specifically for the CSP sector issuing clearer guidance as to what is required of them.
€10k Cap. Reqt.
- Company/Entity Formation
- Registered Office and related services
€15k Cap. Reqt. + Mandatory PII
- Acting/Arranging for Directorship, Company Sec., et.
€25k Cap. Reqt. + Mandatory PII
- All CSP Services
Under Threshold A
€2.5k Cap. Reqt.
- Warranted Professionals: CSP Revenue <35% total revenue or <€100K, whichever is the highest
- No Registered Office and related services
Under Threshold B
€5k Cap. Reqt.
- Individuals with no more than 10 involvements