KYC Screening

Know Your Customer (KYC) screening is a crucial process employed by most entities globally, including Maltese entities. Our KYC Screening is to verify the identity of customers and assess the potential emanating risks.

In Malta, KYC screening is regulated by several laws and guidelines, making it an indispensable practice for not only subject persons but also entities operating in the financial and non-financial sectors. We at FIN Consult, provide accurate and accountable screening using state-of-the-art screening software, providing you with peace of mind during the analyses and screening of your clients.

The importance of KYC screening to Maltese entities can be summarized as follows:

1. Legal Compliance: Regulated Maltese entities are obliged to adhere to anti-money laundering (AML) and counter-terrorist financing (CTF) laws and regulations. Our KYC screening is a fundamental stepping-stone in implementing such AML Procedures.

2. Detection of PEPs and Sanctioned Entities: Our KYC screening helps you to identify politically exposed persons (PEPs) and entities on internationally recognized and applicable sanctions lists. This is critical for preventing corrupt practices and safeguarding yourself against transactions with prohibited individuals or organizations.

3. Adverse Media: Our KYC Screening Tool has access to over 10,000 reputable media sources to screen entities and to ensure that no adverse media is reported on the screened entities.

4. Risk Mitigation: Our KYC screening assists entities in Malta to identify and assess the risks associated with their prospective clients. By conducting thorough due diligence, you can avoid engaging with individuals or entities involved in illegal activities, thereby minimizing the risk of financial loss and reputational damage.

5. Regulatory Penalties: Failure to comply with KYC requirements can result in severe legal consequences, including hefty fines and criminal charges. Subject persons that do not perform adequate KYC screening may find themselves subject to regulatory penalties.

In conclusion, KYC screening is a vital practice for regulated entities, as it not only ensures legal compliance but also mitigates risks, builds trust with customers, and protects businesses from regulatory penalties. By adhering to local laws and international standards, engaging us at FIN Consult can maintain your integrity and reputation in the global business community.