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dc.identifier.citationCauchi, L.A. (2018). Procedures for the prevention of money laundering by insurance companies in Malta (Master’s dissertation).en_GB
dc.description.abstractPurpose: The purpose of this study is to determine how the 4th Anti-Money Laundering (AML) Directive impacted the insurance industry, what AML controls and procedures do insurance companies implement and whether there is any variance in the procedures implemented between companies. Additionally, the study aims to determine how compliant insurance companies are in terms of AML legislation and what type of supervision do regulatory authorities conduct. Design: To achieve the objective of this research study a number of semi-structured interviews with insurance companies (both life and non-life companies), the Malta Financial Services Authority (MFSA), the Financial Intelligence Analysis Unit (FIAU) and an external auditor were conducted. Findings: The findings show that both life and non-life insurance companies are well aware of the AML legislation and the necessary importance is given. The procedures adopted by insurance companies are in line with what the law requires and in certain circumstances the procedures adopted go beyond what is required by law. Additionally, the regulatory authorities, especially the FIAU is responsible to ensure that companies within the insurance industry and other industry are compliant with AML legislation and are responsible to conduct on/off site visits. Conclusion: Even though insurance companies are well aware of the requirement emanating from the 4th AML Directive, there is still room for improvement especially with regards to the widening of the PEPs definition, the Central Register of BO and to keep client records up to date. Additionally, both the insurance companies and the regulators should work hand in hand to fight any ML crime. Value: This study aims at increasing awareness in relation to the 4th AML Directive and can be used by insurance companies to evaluate whether the necessary AML procedures are implemented correctly.en_GB
dc.subjectInsurance companies -- Maltaen_GB
dc.subjectMoney laundering -- Prevention -- Maltaen_GB
dc.subjectMoney laundering -- Law and legislation -- Maltaen_GB
dc.subjectMoney laundering -- Law and legislation -- European Union countriesen_GB
dc.subjectMalta Financial Services Authorityen_GB
dc.subjectFinancial Intelligence Analysis Unit (Malta)en_GB
dc.titleProcedures for the prevention of money laundering by insurance companies in Maltaen_GB
dc.rights.holderThe copyright of this work belongs to the author(s)/publisher. The rights of this work are as defined by the appropriate Copyright Legislation or as modified by any successive legislation. Users may access this work and can make use of the information contained in accordance with the Copyright Legislation provided that the author must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the prior permission of the copyright holder.en_GB
dc.publisher.institutionUniversity of Maltaen_GB
dc.publisher.departmentFaculty of Economics, Management and Accountancy. Department of Accountancyen_GB
dc.contributor.creatorCauchi, Luke Andrew-
Appears in Collections:Dissertations - FacEma - 2018
Dissertations - FacEMAAcc - 2018

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