Regulatory Alerts2020-06-10
Added · Updated
Sectoral Risk Assessment Key Results on Legal Entities, Legal Arrangements and Voluntary Organisations
The MFSA expects Company Service Providers to recognize the findings of the Sectoral Risk Assessment on Legal Entities, Legal Arrangements and Voluntary Organisations and familiarize themselves with its contents. CSPs must review the sectors they operate in, incorporating these findings into their internal business risk assessments and client risk assessment exercises. This includes conducting a gap analysis to develop proportionate controls and implementing risk mitigating measures where required. Specific expectations include assessing structures to ensure they do not facilitate tax evasion or bribery, probing transactions involving susceptible clients such as PEPs, and exiting relationships or reporting structures where regulatory obligations require.
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