The Prevention of Money Laundering & Financing of Terrorism 2017 | A Day Conference
08:45 | REGISTRATION & WELCOME COFFEE
9:00 | SETTING THE SCENCE
Antonio Ghirlando | Head of Compliance, Diligex Ltd
This introductory session will include a brief overview of the applicable standards and provisions aimed at the prevention of money laundering and funding of terrorism. It will also introduce key concepts and highlight some of the more important developments in the field.
9:15 | CUSTOMER DUE DILIGENCE – A FOCUS ON BENEFICIAL OWNERSHIP
Claire Camilleri Gauci | Compliance Specialist
During this session we will understand the definition of ultimate beneficial ownership, the process for verifying the individuals behind a trust or corporate structure and the process of customer due diligence.
10:00 | ONGOING MONITORING: REQUIREMENTS & EXPECTATIONS
Antonio Ghirlando | Head of Compliance, Diligex Ltd
Customer Due Diligence obligations also require subject persons to monitor customers and their transactions on an ongoing basis. Such monitoring assists in the identification of unusual activities and transactions which may involve money laundering, terrorist financing or the proceeds of crime.
Although focussing on the mandatory requirements and regulatory expectations, the presentation will also offer some practical ideas for the setting up of an appropriate and effective programme that gives greater assurance that the services of the subject person are not misused for money laundering or terrorist financing purposes. Several red flags will also be outlined during the presentation.
10:45 | MID-MORNING COFFEE BREAK
11:00 | THE FOURTH AML DIRECTIVE & BEYOND
Diane Bugeja | Associate, Camilleri Preziosi Advocates
As the deadline for the transposition of the 4th AML Directive is fast-approaching, subject persons have had to come to terms with the changes that this the new regime will bring. Being aware of the changes is only the first step to the more important process of adapting one’s day-to-day activities and internal controls to the revised framework. As the saying goes, there is ‘no rest for the weary’ and the already over-stretched compliance teams have to start grappling with the proposed amendments that the 5thAML Directive will be ushering through in the near future, alongside a spate of other regulatory initiatives.
The session shall summarise the key elements of the 4th AML Directive whilst dealing with the practical issues that subject persons should be focusing upon during the implementation phase particularly in light of other parallel regulatory obligations and upcoming initiatives. In addition, the session will also cover the amendments to the 4th AML Directive as proposed in the forthcoming 5th AML Directive.
11:40 | SUSPICIOUS TRANSACTION REPORTING: CONDUCTING EFFECTIVE INTERNAL ANALYSIS
Jonathan Ferris | Financial Analysis Manager, FIAU
The purpose of this presentation is to give a practical outlook of the analytical process adopted by the FIAU following the receipt of STRs, while serving to better a subject person's understanding of the role played by the FIAU in the prevention of money laundering and terrorist financing.
12:20 | SANCTIONS: TERRORIST FINANCING, PROLIFERATION FINANCE & TRADE FINANCE
John Scicluna | Money Laundering Reporting Officer, Bank of Valletta
Ask a financial crime specialist to list his or her current three top-level concerns and they are likely to respond, “Sanctions, sanctions and money laundering. Sanctions compliance responsibilities are becoming more and more time-consuming to perform with diverse challenges to face and stricter Know Your Customer (KYC) requirements upon which regulators insist. They also reflect the constant changes in government sanctions programs and the increasingly risky regulatory environment we are living in.
13:00 | WORKING LUNCH
13:45 | QUESTION & ANSWER SESSION
Alfred Zammit | Deputy Director, FIAU
During this question and answer session a number of topical issues will be discussed, including the more important developments in the field. Members of the audience will also be given the opportunity to ask a limited number of questions.
14:25 | BALANCING AML & DATA PROTECTION
Dr Anthony Cremona | Partner, GANADO Advocates
In this session Dr Cremona will update attendees on the proposal for a central register of beneficiaries ("CRB") of companies, trusts and other legal arrangements that are firmly contained in the EU's 4MLD and is required to be transposed by the 26 June, 2017. He will also provide an update on where the EU's proposed so-called 5MLD stands with regards to the CRB - the EU's proposal amending the 4MLD that is currently being debated by the EU's institutions and was actually seeking to require anticipated transposition of 4MLD. Dr Cremona will, however, tackle the CRB subject from a different perspective, taking into account the delicate balancing act that needs to be maintained between an invasive measure such as the CRB and the various applicable data protection principles as well as the General Data Protection Regulation that will enter into force in 2018. Dr Cremona will also examine the views of the EU Data Protection Supervisor on the proposed CRB.
15:10 | MID-AFTERNOON COFFEE BREAK
15:25 | THE REVISED IMPLEMENTING PROCEDURES: HIGHLIGHTS
Ariane Azzopardi | Senior Manager, Fund Administrator and Corporate Services Provider
The FIAU has published a revised of the Implementing Procedures Part I following their issuance in May 2011. The revisions mainly relate to the customer due diligence and further guidance on the legislative requirements.
The session will go through the main changes to the Implementing Procedures and the impact this may have on the business.
16:05 | AML & THE GAMING INDUSTRY
Dr Alistair Facciol | Associate, Fenech & Fenech Advocates
The presentation shall discuss the AML/CFT obligations of license holders within the online gaming sector in view of the Fourth AML Directive (Directive (EU) 2015/849), which will come into force as from 26 June 2017, providing practical advice on achieving compliance with the provisions of the Directive.
16:45 | CLOSE OF CONFERENCE & DISTRIBUTION OF ATTENDANCE CERTIFICATES
ANTONIO GHIRLANDO is a seasoned financial crime compliance specialist, focussing primarily on the prevention of money laundering, countering the funding of terrorism, combatting proliferation finance and sanctions.
He is currently the Head of Compliance at Diligex Limited, where he leads a team of professionals in providing real-time operational support, specialist advice and strategic solutions to an array of local and international clients seeking to ensure ongoing compliance with their regulatory obligations.
Antonio had previously served as the Legal & Compliance Manager within the Financial Intelligence Analysis Unit (FIAU). In this role he was responsible for the Section within the FIAU tasked with the monitoring of compliance of persons and entities subject to anti-money laundering obligations as well as the Unit’s Legal & International Relations Section. He was also primarily responsible for the training of compliance officers and subject persons alike.
During his career Antonio also headed the Financial Crime Unit of one of the local banks and had served as the Secretary General of the Malta Bankers’ Association (MBA). In this latter position he co-ordinated the banks’ efforts on AML/CFT issues. These included practical measures relating to the implementation of the salient legislative provisions as well as the finalisation of position papers on various proposals and developments. He was also tasked with representing the banking sector on the Joint Committee for the Prevention of Money Laundering and the Funding of Terrorism as well as at the European Banking Federation.
Antonio has presented numerous papers at national and international workshops, seminars and conferences. He also remains actively involved in the provision of training, including specially designed in-house courses.
Antonio is a graduate of the University of the Witwatersrand in Johannesburg, South Africa.
CLAIRE CAMILLERI GAUCI is a leading Compliance Specialist in the financial sector. She serves as Compliance Officer and Director for various licensed financial entities in Malta and provides compliance consultancy to major financial entities on the implementation of European Union Directives such as MIFID and AIFMD. Her career started within the Banking Regulation and Compliance Section at the Central Bank of Malta. Following the change to a single regulatory body, Claire moved to the Malta Financial Services Authority and was involved in the on-site supervision for banks, in the drafting of banking and financial services legislation and in the due diligence process of prospective bank applications. Consecutively she worked with major financial entities in Malta namely Global Capital plc, FXDD Malta and Active Services (Malta) Limited. Besides her MBA from the Grenoble Graduate School of Business and the Diploma in Operations and Compliance from the London School of Economics, Claire completed the Diploma of the UK Chartered Institute of Insurance and is currently finalising her Advanced Applied Insurance Studies Diploma.
DIANE BUGEJA is a Senior Associate at Camilleri Preziosi Advocates, practicing primarily in fields of financial services regulation and anti-money laundering regulation and advising local and overseas clients on the impact of the current and forthcoming regulatory regime on their business models. She also assists in advising clients on the regulatory aspects of a wide range of transactions, including licensing-related matters and capital markets initiatives. Prior to joining the firm, Diane was a risk and regulatory consultant at one of the Big Four audit firms, before moving on to the enforcement departments of the UK and Maltese financial services regulators. She is a qualified accountant, holds a Masters in Accounting and Finance from the London School of Economics and Political Science and is currently reading for a PhD in Law at King’s College London.
JONATHAN FERRIS is a former Police Inspector who was stationed in the Economic Crimes Unit of the Malta Police Force. His main duties were financial investigations and prosecutions in the Law Courts. Mr Ferris is now the Financial Analysis Manager with the FIAU, though still forming part of the Police Force.
Mr Ferris has a number of years’ experience working overseas. He was actively involved in project management assignments in Alblasserdam – The Netherlands, including the building of a new hospital.
Mr Ferris holds Bachelor Degrees in Philosophy, Theology and Criminology, a Master’s Degree in Theology and a Diploma in Policing, all of which were attained from the University of Malta.
JOHN SCICLUNA, a career banker with Bank of Valletta plc for 35 years, has held posts in many areas of the bank, 13 of which have been as head of Financial Crime- Money Laundering Reporting Officer. He is responsible for investigating and analysing Customer profiles and as well as being responsible for implementation and oversight of AMLCFT policies. Given the number of years within the AMLCFT area, John has accumulated knowledge in the sector and provides advice to the Bank’s employees as well as to other external financial institutions.
Throughout his term as MLRO, John, has participated in national assessments carried out by MONEYVAL. John is the main trainer on AMLCFT for Bank of Valletta as well as being a visiting lecturer at both local and international seminars.
Prior to the present post, John also worked within Internal Audit, spending over ten years carrying out various branch reviews including special assignments related to internal policies. John has recently been appointed as the local representative for banks within the European Banking Federation to participate with other colleagues from within the Member States on the Anti-Money Laundering and Anti-Fraud Committee.
ALFRED ZAMMIT is the Deputy Director of the Financial Intelligence Analysis Unit, Malta’s government agency established to combat money laundering and the funding of terrorism. Since joining the FIAU in 2010, Mr Zammit has been involved in various areas that fall within the remit of the FIAU, including the analysis of STRs received by the Unit, participated in a number of AML/CFT international workshops, conferences and courses, and delivered AML/CFT training sessions both locally and internationally. Mr Zammit also participates in the various internal FIAU committees, including the Compliance Monitoring Cases which reviews compliance cases and possible breaches by subject persons of the pertinent legislation.
Prior to joining the FIAU, Mr Zammit worked for a number of years with a company service provider as an assistant manager in the company’s trading operations department and was responsible for the analysis of the activities and transactions of international trading companies to which the company provided services and was also involved in the processing of transactions and trading operations.
In 2005, Mr Zammit graduated with a Bachelor of Commerce (Honours) degree in Management and Economics at the University of Malta. After graduating, he joined the Central Bank of Malta where he worked in the Financial Stability Office and was responsible for the analysis and assessment of data of companies operating in the bank and non‐bank financial sectors.
DR ANTHONY CREMONA is a Partner of GANADO Advocates and leads the Private Client and Trusts and Foundations team. He graduated Doctor of Laws (Malta) in 1997, obtaining a Master of Arts in Financial Services (Malta) in 2000 and a Magister Juris (International Law) (Malta) in 2003. A warranted advocate, Dr Cremona regularly appears before the inferior and superior Courts in Malta representing clients in his practice areas. In 2016 Dr Cremona was appointed as Chairman of the Society of Trust and Estate Practitioners Malta Branch and holds that post until today.
Dr Cremona has also developed the firm’s Anti-Money Laundering and Counter Funding of Terrorism (‘AML-CFT’) practice. Besides assisting the internal compliance team of GANADO Advocates, Dr Cremona also regularly assists licensed and non-licensed entities in respect of their regulatory obligations in terms of applicable AML-CFT legislation, regulations and sector-specific guidelines. He has also assisted clients in making representations to the Financial Intelligence Analysis Unit following regulatory investigations commenced by the latter and also assists clients with the preparation and drafting of suitable policies and procedures/manuals, forms and documentation required in this field.
Dr Cremona is the Malta Chamber of Advocates (and also sometimes the STEP Malta) representative on the Joint Committee of the Financial Intelligence Analysis Unit (the FIAU being the agency responsible, inter alia, for monitoring lawyers’ compliance with their AML-CFT obligations). The Prevention of Money Laundering Joint Committee is an ad hoc representative committee established for the purpose of creating a dialogue between the industry and the authorities. Dr Cremona also sits on various other committees active in this area and in the area of trusts and foundations law. As a member of the Joint Committee Dr Cremona has had the opportunity of participating in the amendments made to the applicable laws and regulations in the AML-CFT field that were presented for discussion during the Committee’s meetings and has also been involved, and actively participated, in a number of consultations relating to amendments to the AML-CFT guidance notes published by the FIAU.
Dr Cremona also heads the Chamber of Advocates AML-CFT technical sub-committee which has also been tasked with preparing sectoral guidance for the legal profession. He has also been invited by the Chamber of Advocates Malta Law Academy to address the legal profession on various subjects relating to Anti-Money Laundering and Counter Terrorist Financing, with the latest one being held in 2016 in relation to the obligations of lawyers as subject persons in the field of AML-CFT.
As head of GANADO’s private client practice, Dr Cremona advises Malta based domestic and international trustee-companies as well as private clients in these fields, including succession and estate planning. An external examiner and tutor for post-graduate dissertations in his fields of practice, Dr Cremona is also a visiting lecturer at the University of Malta on the subject of trusts and foundations law.
ARIANE AZZOPARDI is a Senior Manager with a Fund Administrator and Corporate Services Provider, where she heads the Compliance Department and is also the Money Laundering Reporting Officer. Ariane has over ten years’ experience in this field, and handles compliance and risk management queries as part of her day to day duties. Ariane’s work requires close ongoing technical interaction on compliance and related matters with the head office of the group. Prior to joining the CSP and Fund Administrator, Ariane used to head the Practice Protection Group of one of the big four audit firms and was also the Deputy Director of Independence. Ariane is a member of the PMLFT sub-committee at the Malta Institute of Accountants.
DR ALISTAIR FACCIOL brings with him experience in ICT, Gaming law and Intellectual Property, particularly in relation to online ICT and gaming businesses.
Specialising in iGaming, ICT and Privacy law, Alistair provides a practical and regulatory approach to the running of businesses, both established and startups, particularly those operating within an online environment, advising a number of well-established online businesses with regard to the legal aspects concerning licensing, regulatory compliance, data protection, drafting and application of legal terms concerning privacy and contracts, whilst assisting clients in finding solutions to the challenges that are encountered daily between law and technology, both inside and outside of courtrooms.
Alistair is an Associate at Fenech & Fenech Advocates, a member of the Malta IT Law Association and he has delivered seminars concerning the anti-money laundering and data protection aspects of online businesses and the regulatory steps needed to be taken into consideration within the ever-changing scenario that such businesses encounter.