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    Economy Minister Silvio Schembri visits Diligex: Compliance a key cornerstone to doing good business, in balance with smoothening efforts to conduct business

    Diligex has had the pleasure to host Minister for the Economy, European Funds and Lands Hon Minister Silvio Schembri to visit its offices in Zebbug, Malta.

    In meeting the AML/CFT specialists, Managed Service and KYCMATIC Product Teams at Diligex, the Minister shared his view on the key role that compliance plays in ensuring the upkeep of safe and reputable business on the island. Minister Schembri elaborated on the efforts currently being undertaken to providing ways how to manage compliance requirements whilst ensuring that any unnecessary hurdles to conduct good and healthy business are smoothened. To this extent, a specific committee under his wing has been tasked with such efforts, first and foremost, in relation to supporting businesses that are finding challenges to open a bank account in Malta.

    Diligex also had the opportunity to share its vision towards Malta become a centre of excellence in customer due diligence and compliance leadership – and that this can only be achieved by truly implementing a risk-based approach. The key point is to strike a fine balance between elevating our professional, financial, and gaming eco-systems towards stronger compliance with understanding where the true risks lie and focus on those rather than applying a one-size-fits-all approach. Salient feedback through its experience advising and supporting various professionals and regulated businesses was also discussed.

    Diligex also shared that it is being consulted for its services and AML/CFT platform KYCMATIC by leading companies in foreign jurisdictions around the globe. This is a sign that the experience gained by the company in assisting a multitude of subject persons during Malta’s efforts to move off the FATF Increased Monitoring List are being referred to by such international counterparts.

    Similarly Malta can take a similar role, as the Minister shared that Maltese officials and regulators are being reached out to by the international community to share their leadership and experience – the most recent being an EU Commission-facilitated exchange of experience towards Serbian regulators.