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The process of updating the CSP regulatory framework is reaching its peak as the MFSA transitions the sector into a new set of CSP rules into a renewed compliance culture.

To this effect Diligex is hosting a webinar to bring forth and discuss core elements in line with a CSP’s obligations. The webinar being held on Tuesday 30th March 2021 at 10:00hrs, shall provide insights into:

  • An Overview of the Process bringing forward the CSP Compliance and Regulatory Changes
  • The AML/CFT obligations – the MLRO’s hat
  • Risk Management Requirements

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CSP licenses shall be categorized into three categories A, B and C, to reflect the appropriate structure based on the level of services that CSP is seeking to provide.

Although there may be scenarios that shall apply through under threshold clauses, by and large all previously exempt professionals (such as lawyers, accounts/auditors, notaries, legal procurators) providing any CSP services, including but not limited to, company incorporations, registered address, directorship/company secretarial services, shall be required to apply for the appropriate license and seek MFSA authorization to further their CSP operation. Through this process the MFSA shall ensure that strong effective compliance policies and processes are in place.

Currently licensed CSPs shall also transition into the respective licensing arrangements put forward and shall engage with the MFSA throughout the process to ensure their correct alignment with the specified license category.

The core pillars of the compliance culture include:

  • robust AML/CFT frameworks;
  • a thorough governance supported by clear documented processes and reporting lines with proportionate structures;
  • a compliance culture pushed forward by the tone at the top and instilled through the organisation through monitoring of compliance;
  • a risk management framework and setup to mitigate such risks.