Why Should your Business Invest
in Kyte’s Anti-Money Laundering Services?

Malta, as an EU member state, is implementing the 4th Anti-Money Laundering Directive (4th AMLD) to combat money laundering and terrorism financing. Legislative obligations include providing personnel training, nominating a Money Laundering Reporting Officer (MLRO), and adopting a Risk-Based Approach. Kyte Consultants offer assistance in compliance, providing risk assessments, developing policies, conducting ongoing training, and managing the process.

Posted on: Friday, July 7th, 2017

As an EU member state, Malta is implementing the Prevention of Money Laundering and Funding of Terrorism directive (4th AMLD). In 1994, our country had enacted the Prevention of Money Laundering Act (Chapter 373) and regulations (PMLFTR) which are intended to ensure that currency passing through Maltese units have not originated from any illicit activities.

One of the legislative obligations is to offer training to your personnel to guarantee that they are conscious of their duties and responsibilities and how to discharge them. Businesses falling within the scope of the legislation (obliged entities or subject persons) must also nominate a Money Laundering Reporting Officer (MLRO), who is obliged to report suspicious transactions to the Financial Intelligence Analysis Unit. With the Risk Based Approach required by the 4th AML each obliged entity is to carry out a detailed risk assessment and adopt policies and procedures accordingly. Luckily, Kyte Consultants can assist in these requirements.

How can Kyte help companies to comply with AML requirements?

Kyte is uniquely positioned to provide companies with a risk assessment based on international standards combined with their intensive knowledge of the iGaming industry. We can then help companies develop the right policies and procedures and implement ongoing compliance processes. We can also provide ongoing AML training to staff, either face to face or CBT.

Is the process costly?

A professional service such as this should not be seen as an expense but an investment. Fees vary depending on a company’s size and risk model. It is affordable and definitely not as costly to a firm that is found in breach of AML regulations. Proportionately, the possible financial penalties and damage to the company’s reputation for not being compliant is far dearer than the cost of our services.

How complicated is the process?

This is not something a company using our services should worry about, because Kyte will manage the process and use their knowledge and experience to provide its customers with solutions, not problems.

What are the implications should a company not comply with its statutory obligations?

The implications could be as serious as revocation of a gaming or financial license, fines (amount would be based on gravity of offence) or even imprisonment.

Here at Kyte Consultants, we can help you improve in-house processes which make certain that you comply with your legal responsibilities. We can help you cultivate processes based on your kind of business model and risk scenario and ensure that there is continuity in the processes.

To find out more about the services we offer and how we can help you ensure you are being compliant with the necessary legalities, contact us today.

Raising standards since 2006.

Kyte Global, with clients in over 65 countries has established itself as a unique company providing a one-stop-shop to all your information security and compliance requirements.

At Kyte Global we attempt to add value in everything we do. Our services have evolved as a result of the growing needs of our clients. Regulations keep getting stricter, compliance requirements keep getting more onerous and clients find themselves spending more time addressing these issues rather than focusing on their business. At the same time, resources with the right knowledge and experience are hard to come by. Kyte Global tries to tackle these issues by providing a one stop shop to all the client’s needs. Kyte Global understands that Compliance is an effective way of ensuring that controls are implemented.

Internally, Kyte Global is organised in teams, each dedicated to a specific service, usually revolving around a specific standard or regulation. Some of these are PCI DSS, ISO 27001, GDPR, Internal Audit, AML, Gaming, Penetration Testing, Training to name a few. Each team is made up of trained professionals, all experts in their own field.

Over the years, Kyte Global has established partnerships with suppliers that develop and implement industry leading solutions so that it can make recommendations to clients who require such services or products. Kyte is proud to have a network of partners that can assist its clients, big or small, in virtually all of the industries it operates in.