Legal or natural persons who in the exercise of their professional activities undertake a Relevant Activity

1. Auditors, external accountants and tax advisors;

2. Real estate agents;

3. Notaries and other independent legal professionals when they participate, whether by acting on behalf of and for their client in any financial or real estate transaction or by assisting in the planning or execution of transactions for their clients concerning the:

  • buying and selling of real property or business entities;
  • managing of client money, securities or other assets, unless the activity is undertaken under a licence issued under the provisions of the Investment Services Act;
  • opening or management of bank, savings or securities accounts;
  • organisation of contributions necessary for the creation, operation or management of companies;
  • creation, operation or management of trusts, companies or similar structures, or when acting as a trust or company service provider;

4. Trust and company service providers;

5. Nominee companies acting in relation to dissolved companies;

6. Persons providing trustee and fiduciary services;

7. Casino licensee;

8. Traders in goods whenever payment is made in cash in an amount equal to 15,000 euro or more whether the transaction is carried out in a single operation or in several operations which appear to be linked. Such category would include for instance: car dealers; dealers in precious stones or metals, or works of art or similar goods and auctioneers, etc;

9. Activities associated with an activity above (1-8).

Those undertaking a 'Relevant Financial Business'

1. Banks & E-Money Institutions;

2. Financial Institutions;

3. Insurance companies - namely:

  • Long-term insurance business (life insurance);
  • Affiliated insurance business (insurance brokers; insurance agents authorised to enter into contracts of life products; insurance managers with an appointment from a company enrolled in the Broker List; an insurance manager with an appointment from an affiliated insurance company, or with authority to enter into contracts of long term business of insurance on behalf of the insurer or with authority to exercise managerial functions in relation to long term contracts of insurance);
  • Protected cell companies (PCCs);

4. Investment Service Licence Holders, that is:

  • Asset Managers;
  • Stockbrokers;
  • Custodians;
  • Investment/Financial Advisers;

5. Fund Administrators;

6. Collective Investment Schemes marketing their units or shares - where the Scheme itself, either through its directors or through persons directly employed with the Scheme, effectively carries out the marketing of its units or shares. The AML regime applies solely to CISs that are in direct contact with potential investors, as they market their units without having recourse to other professionals;

7. Pension schemes & Pension Funds;

8. Activity of a regulated market and a central securities depositary;

9. Branches conducting such activities where head office is outside Malta;

10. Activities associated with business above (1-9).