AML

In Malta, notaries are classified as subject persons under the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR) (S.L. 373.01), which incorporates EU Anti-Money Laundering (AML) Directives into local law. This requires them to comply with obligations to prevent money laundering (ML) and the financing of terrorism (FT).

Polidano & Associates is fully committed to complying with all AML and FT regulations, prioritizing efforts to combat financial crime. The firm has adopted comprehensive measures, policies, and controls to prevent misuse of the financial system, while recognizing that the risk of money laundering (ML) and the financing of terrorism (FT) can vary based on the sector, individual, or transaction.

Notaries are required to assess money laundering (ML) and the financing of terrorism (FT) risks and apply a risk-based approach, adjusting their controls and procedures accordingly. Before establishing a business relationship or performing a transaction, the firm must identify and verify the customer’s identity and, if applicable, the beneficial owners, in line with the Customer Identification Procedure (CIP).

Customer due diligence (CDD) is essential to understanding customer risks an preventing misuse of services for money laundering (ML) and the financing of terrorism (FT). Enhanced measures apply to Politically Exposed Persons (PEPs), who must be properly identified and screened.

The firm must retain records of all actions taken to implement its risk-based approach, including Business Risk Assessments, customer identification details, and transaction records. These records must be kept for at least five years and be available for inspection by the Financial Intelligence Analysis Unit (FIAU) or other relevant authorities.