PwC | Malta

Customer Onboarding and Monitoring

The world of AML/CFT compliance is changing rapidly and with good reason. With increased scrutiny of supervisory authorities and a notable emphasis on enforcing regulations, remaining compliant is a challenging task, and one that requires investment and continuous training.

We recognise that the compliance responsibilities of small and medium sized Subject Persons may be daunting. PwC is offering an outsourcing service of your Customer Due Diligence (KYC) obligations in terms of AML/CFT regulations.

Your PwC KYC Team

The PwC KYC team brings together a dedicated and experienced team of professionals. The team will assist you in collating, screening and reviewing all necessary client due diligence documentation in line with local regulations and your procedures. Our offering may also include, should it be required, ongoing monitoring of your customers to ensure that KYC documentation is kept up-to-date in line with local regulations.

Outsourcing your KYC onboarding process to our team will give you the comfort that you are in compliance with your obligations, whilst giving you the opportunity to remain focused on what you do best - growing your business.

These services are relevant to Subject Persons such as:

CSPs
Notaries
Estate agents
Lawyers
Accountants

Car dealers
Gaming
VFAs
Licenced entities

Key features of our service

This service may be tailored to meet your requirements.
All customer types can be covered - from individuals, companies, trusts and foundations.
All checks and deliverables are carried out to a consistent high standard in line with the relevant regulatory requirements.
Our team will help you design a risk assessment profile, and will assist you with client onboarding decisions.
You will retain all aspects of decision making as to whether to accept or reject a customer.

The service

Step 1 - You may inform your prospective customer that the onboarding process will be carried out by PwC.

Step 2 - Within one working day, the team will get in touch with your prospective customer to collect the required information to create the client profile, and establish whether standard, simplified or enhanced due diligence procedures are required.

Step 3 - The information/documentation collected is verified and client screening is carried out.

Step 4 - You will be provided with the completed client profile and findings of the process carried out by the team.

Step 5 - You will decide on whether to onboard the prospective customer or otherwise.

Step 6 - Should it be required, we will provide ongoing monitoring services to ensure that the KYC documentation of your customers is kept up to-date in line with local regulations.

The process may be tailored according to your requirements.

Benefits to you

Focus on growing your business - your KYC administration requirements will be dealt with by experts, leveraging on PwC’s years of experience in this area.
Flexibility - you may retain all direct contact with your customers or let us liaise with the client on your behalf.
Decision making is retained by you - you receive the completed client profile to make a decision on whether to onboard the customer or otherwise.
Regulatory compliance - your client profiles will meet the relevant regulatory requirements and monitoring against PEP/sanction lists and screening against negative news.

Benefits to your clients

Better customer experience - your customers can expect a quicker and more efficient client onboarding process.
A consistent approach - a streamlined, faster and improved client onboarding process.

AML/CFT

The risk of non-compliance with Anti-Money Laundering (“AML”), Counter Financing Terrorism (“CFT”) and Know Your Customer (“KYC”) requirements continues to increase, and as evidenced by a number of high profile fines and investigations in recent years, firms are increasingly under pressure to identify new methods and means to manage their AML/CFT risks more effectively.

Learn more on AML/CFT