BDO Malta's Knowledge Digest: September 2024 issue
Welcome to BDO Malta's Knowledge Digest Newsletter! We are pleased to share the latest insights and expert analyses on a wide range of topics that matter to you. From technology advancements and advisory services to tax updates, EU regulatory issues, and current market trends, our newsletter provides you with the insights you need to stay informed.
1. The Regulator's expectations vis-a-vis the MLRO
The function of the MLRO is one of the main and most important AML-CFT controls subject persons are required to implement.
The MLRO function is an onerous one and the individual who fulfils this role must not only be approved by the regulator, but also maintain high standards of diligence, independence, ethical conduct and oversight of the subject person’s AML CFT framework.
2. Effective Risk Management in SMEs
SMEs face unique challenges in risk management due to their limited resources and the higher relative impact of operational risks.
Risk management is often considered to be an unloved and misunderstood subject until disaster strikes. Risk managers struggle to make their voice heard in the face of more immediate and commercial pressures especially in small- and medium-sized companies.
3. Electronic Money Institutions (EMIs) in Malta
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As one of the first EU Member States to issue specific regulations for Electronic Money Institutions (‘EMI’), with easy access to the European market, Malta emerges as a favourable destination for establishing an EMI.
Moreover, Malta’s supportive regulatory framework not only make it easier for companies to streamline operations and foster innovation, but also helps them to gain credibility and expand their services across EU member states through EU passporting.
4. Countdown to DORA: Four months to compliance - Are you ready?
In just four months, the Digital Operational Resilience Act (DORA) will take effect on 17 January 2025. This legislation is set to introduce stringent digital resilience standards across the financial services sector within the European Union. Businesses that fail to comply could face significant operational, financial, and reputational consequences.
As the deadline approaches, companies must address key areas to meet the new regulations.
5. Developing a Sustainability Roadmap
With mandatory sustainability reporting creeping closer, many organisations are asking “How do we get started in tackling sustainability within our organisation?”
As organisations look to activate sustainability and understand the underlying drivers leading them down this path, it becomes clear that a plan and roadmap are required to drive them to success.?The European Union has put into force the Corporate Sustainability Reporting Directive (CSRD) which mandates climate reporting, and which will be applicable to entities along a transitionary period starting off from 2025.