Loni Moriarty

Responsible for AML/CFT in your designated business in the Isle of Man? This blog is packed with knowledge, strategies, and tools to support you through the IOMFSA’s rigorous inspections.   https://lnkd.in/exT_ynYR #isleofman #AML #CFT

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🔒 Stay Alert! Impersonation Scams on the Rise 🔒 The Malta Financial Services Authority (MFSA) has issued a warning about the growing number of impersonation scams targeting individuals and businesses. Fraudsters are using fake emails, messages, and documents to trick victims by posing as MFSA representatives. In our latest article, we break down the warning signs of these scams, how to verify legitimate communications, and the steps to take if you've been targeted. Stay informed and protect yourself from these sophisticated scams! https://lnkd.in/dqx5-fCJ #FraudPrevention #ScamAlert #FinancialServices #MFSA #InvestorProtection #Cybersecurity #BusinessSafety

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CFP Level 7 Case Study Preparation Course, 17-19 September! This course will cover: Common mistakes, Understanding the markers' expectations, Assumptions provided to you, A detailed analysis of the standards etc. More details & bookings: https://lnkd.in/efD7f68d #CFP #FPTAtraining

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MeDirect will be accepting applications from anyone interested in applying for the July 2024 issues of Malta Government Stocks: • 3.40% Malta Government Stock 2027 (VI) Fungibility Issue (F.I.), and • 3.50% Malta Government Stock 2034 (III). More information on these issues can be found here: https://lnkd.in/dNVcxMJZ #MeDirect #markets #financialmarkets #bondissues #maltastockexchange This information is for informative purposes only and should not be construed as a solicitation of an offer to subscribe for or purchase any investment. The information provided is subject to change without notice and does not constitute investment advice or any guarantee of returns. The value of this investment may go up as well as down and past performance is no guarantee of any future performance. When an investment is denominated in a currency other than your local or reporting currency, changes in exchange rates may have an adverse effect on your investment. Please consider the terms and conditions governing the relevant investment prior to making any investment decision. Investors should note that at worst they may lose all of their invested principal in the event of default, insolvency and/or bankruptcy of the relevant issue. The financial instruments discussed may not be suitable for all investors and investors must make their own informed decisions and seek their own advice regarding the appropriateness of investing in financial instruments or implementing strategies discussed herein. The value of any investment or income may go up as well as down and past performance is no guarantee of any future performance. When an investment is denominated in a currency other than your local or reporting currency, changes in exchange rates may have an adverse effect on your investment. MeDirect Bank (Malta) plc, company registration number C34125, is licensed to undertake the business of banking in terms of the Banking Act (Cap371) and Investment Services under the Investment Services Act (Cap370).

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The Financial Conduct Authority has published proposals for its regulated fees and levies rates to fund the FCA and the Financial Ombudsman Service. CP24/6 covers rules that enable the FCA to collect certain levies on behalf of government departments (Chapter 6).   The proposals apply to all FCA fee-payers and to any businesses considering applying for FCA authorisation or registration: 👉 From 2024/2025 the FCA plans to increase the relevant fees by 8.75% and resume staged increases for A-block and consumer credit minimum fees. 👉FCA is also consulting on allocating the FOS general levy between industry blocks (Chapter 5) which is payable by all firms authorised or registered by the FCA. 👉FCA also proposes changes to rules in the FEES Manual (Appendix 1).   Access the consultation 👇.   The deadline for comments is 14 May 2024 and we will be drafting a response. Members who wish to discuss/share their views please contact Yasmin Ataullah. #regulation #FOS #ombudsman #financialservices #levies

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🔊 On 26 September 2024, the Malta Financial Services Authority (MFSA) issued a Feedback Statement updating the Investment Services Industry on the proposed extension of the Notified Professional Investment Fund Framework ("NPIFs") to include Self-Managed NPIFs.📝 Shortly following the framework's introduction, the MFSA began exploring the possibility of allowing NPIFs to also operate as self-managed Funds, consulting with the industry until around mid-July 2024. The MFSA have considered stakeholder feedback and is now making the necessary Legislative amendments to allow NPIFs to be set-up as self-managed Funds. 🤝 Should you need assistance with setting up your Fund in Malta, kindly contact Alex Azzopardi ([email protected]), Giselle Borg ([email protected]) and Gilbert Grech ([email protected]). Do you wish to receive important Regulatory updates directly to you inbox? If so, kindly subscribe to our newsletter here: https://lnkd.in/eJB4prMR #mfsa #funds #investmentservices #riskconsulting

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The Malta Financial Services Authority (MFSA) is seeking feedback on the proposed revisions to the Financial Institutions Rules. These changes aim to enhance #governance, #compliance, and #riskmanagement in the #paymentservices sector. Read more here: https://lnkd.in/dieS9c94 #GTG #advocates #corporate #financialservices #fintech #lawyers #Malta Ian Gauci l Cherise Abela Grech

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#Ireland’s government has unveiled a national #payments strategy containing 16 ‘future outcomes’ and 26 related ‘actions’. A 96-page publication (prepared by a team based in the Department of Finance Ireland) sets out a series of measures for the public and private sectors to take forward across topics such as tackling #fraud and encouraging #openbanking. The overarching aim is to ‘realise a vision’ for the European Union (EU) member state’s payments system by ‘enhancing the effectiveness of the payments system and to continuing to build public trust in it.’ Read all about it => https://lnkd.in/gUUEBztx Global Government Forum Ian Hall Jack Chambers Central Bank of Ireland Department of Public Expenditure NDP Delivery & Reform ComReg Coimisiún na Meán IRELAND FOR FINANCE O'Reilly, Susan Cian Congdon Diarmuid Angland Robert Devereux, MSc, CFP®Conor Chossis Banking & Payments Federation Ireland #accesstocash #digitalpayments #EU #digitalwallets #antifraud #innovation #fintech

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🔎 Malta: Working towards a more efficient financial centre When the Malta Financial Services Advisory Council (MFSAC) was drafting the national strategy for the sector between 2021 and 2023, it was abundantly clear that its success required the determination and commitment of all involved, from the Government and regulators to the private practitioners. Read the article featured in the Financial Times 👉 https://shorturl.at/icMVi #FinancialServices

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KYC Compliance It’s vital for companies in Ireland to know the law and regulations. They must follow these to the letter to stay in compliance and avoid fines. Know Your Customer (KYC) compliance is crucial for financial rules in Ireland. It ensures the financial system’s honesty, stopping money laundering and illegal acts. Understanding KYC Compliance KYC compliance means companies check who their customers are. They make sure this through checking customer details. This helps Ireland have a business world that’s safe and clear. The Irish government set firm rules to ensure KYC is followed. These rules protect against crime and keep Ireland’s financial image strong. What are the Key Elements of KYC Compliance Businesses in Ireland follow key steps to obey KYC rules: -They get good customer info and check their identity with official papers and trusted sources. -They look at any risks related to customers and transactions to lessen them. -They watch customer actions closely to find and report any transactions that are strange or suspicious. -Keeping detailed customer and transaction records is vital for checking and obeying rules. The Role of Financial Institutions Banks and similar entities are key to KYC compliance. They must have strong KYC checks and keep an eye on customers to stop financial crimes. KYC Compliance Challenges Doing KYC right has its challenges for businesses: -It’s hard to follow all KYC rules because they involve lots of data and checks. -Getting KYC right can be costly, needing new tech, training, and ongoing work. -Making sure customers don’t face long, complex processes while staying compliant is tough. Benefits of KYC Compliance Still, KYC does a lot of good, including: -It stops financial crimes like money laundering and terrorist funding by checking up on customers and their transactions. -By following KYC, businesses keep their good name and trust with clients and partners intact. -It makes sure businesses meet the law and don’t get fines for not following the rules. In summary, KYC compliance in Ireland requires specific actions. Knowing the law, verifying customers, watching their activity, reporting anything strange, and having a robust system are key. These steps help businesses lower risks and stick to KYC rules. This effort makes Ireland’s financial world safer and more transparent. For more information or to set up a consultation call David on 00353 83 3962899

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Invoice redirection scams are the top fraud risks for #SMEs in Ireland, according to FraudSMART, the fraud awareness initiative led by Banking & Payments Federation Ireland. Figures show that SMEs lost close to €10m through email-related fraud in 2023, including invoice-redirection and CEO impersonation scams. More details, including expert tips on how to protect your business, below ⤵️ https://hubs.li/Q02GyjPt0 #teamFP #accounting #accountancy #fraud #FraudSmart

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The Isle of Man has taken a significant step forward by allowing pharmacies to apply for licences to dispense medicinal cannabis. This initiative, following a successful pilot program, aims to improve patient access to cannabis-based treatments for chronic pain and other conditions. Key Highlights: 🔹 Pharmacies can now apply for licences to dispense medicinal cannabis. 🔹 Registrations for private CBPM prescribing clinics are being accepted. 🔹 The pilot programme saw over 650 patients benefit from these treatments. 🔹 Strict regulatory conditions ensure patient safety and high standards of care. At Woodley BioReg, we recognise the importance of this substantial investment and its potential to drive innovation and growth within the pharmaceutical sector. This development aligns with our commitment to supporting advancements in global healthcare and regulatory affairs. Read our latest blog to learn more about how this move could influence medicinal cannabis policies in the UK and improve patient experiences.

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An update on the Economic Crime Levy The Economic Crime Levy (ECL) is a levy introduced to fund the fight against economic crime. It is an annual charge likely to impact those CLC practices supervised under the Money Laundering Regulations (MLR) whose revenue exceeds £10.2 million annually. Entities impacted by this levy are required to register, submit a return and pay a fee, though information published online makes it clear that this is dependant who the entity’s ‘collection authority’ is. We encourage those practices with revenue that exceeds the stated amount to contact their relevant collection authority who will be able to advise whether the practice is required to register for the ECL, submit an annual return, the band the practice falls into and any fees that may be payable. Why are we alerting practices to this? Recent communication from HMRC suggests they are concerned that there may be some entities that have not registered for the ECL, though we should stress that they do not make any specific allegations about any CLC licensed practices. Nevertheless, consistent with the CLC’s Regulatory Objective to promote the prevention and detection of economic crime, we are alerting practices to the need to consider the ELC and any obligations they may have in this regard. More information about the ECL can be found at the link below and practices are reminded of their obligations under the CLC’s Anti-Money Laundering & Combating Terrorist Financing Code. There is also extensive guidance in the CLC’s AML Toolkit which we strongly encourage practices to review regularly. https://zurl.co/ZTlu

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How can MNEs successfully navigate complex shifts in their socio-political landscape? Get actionable information on this topic in the latest issue of AIB Insights. https://ow.ly/bjTj50Tum1t

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A 6.7% decrease in unauthorized electronic transfers is a significant achievement in fraud prevention. We're proud to make a substantial impact in combating fraud in Ireland. 💪🔒 To discover how we can help you protect your customers from unauthorized fraud, contact us at [email protected]. #FraudPrevention #CyberSecurity #SecureBanking

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For board members and compliance officers of Designated Businesses in the Isle of Man, staying vigilant and proactive is part of the job description—especially with the potential of a regulatory inspection always on the horizon.  How does one ensure that their business isn’t just meeting the minimum requirements, but actually excelling in its AML/CFT obligations?  This blog seeks to arm you with the knowledge, strategies, and tools to sail through the IOMFSA’s rigorous inspections unscathed.   https://lnkd.in/exT_ynYR #isleofman #AML #CFT

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