Opening a corporate bank account is a crucial yet increasingly challenging step for businesses operating in today’s increasingly regulated environment. With heightened compliance measures, more extensive documentation requirements, and occasional delays, many companies are finding it harder to manage the banking process in Malta smoothly.
Given the relevance of smooth banking facilities to any business undertaking, whether local companies or international firms seeking to move their operations to Malta, this issue is intrinsically linked with Malta’s competitiveness. To address these hurdles, FinanceMalta, in collaboration with the Institute of Financial Services Practitioners (IFSP) and the Malta Bankers Association (MBA), is hosting a high-profile seminar titled Navigating the Risk-Based Approach: Opening Corporate Bank Accounts in Malta.
Drawing on the expertise of leading bankers, legal professionals, and compliance experts, this event will demystify the risk-based approach used by Maltese banks and will seek to reach actionable solutions for businesses to successfully open accounts while achieving compliance with stringent regulations.
The event will be opened by Bernice Buttigieg, Chief Strategy Officer at FinanceMalta, setting the stage by outlining the seminar’s objectives. Mark Drago, Chair of MBA’s Standing Committee on Financial and Cyber Crime & Fraud, will then present a foundational overview of the risk-based approach (RBA) to banking. Drago will delve into how banks assess risk, from customer profiles to geographical exposure, and explain how regulatory frameworks such as the EU’s AMLD shape bank policies.
Drago will also highlight the evolving role of technology in streamlining risk assessments and account-opening procedures, offering solutions to ensure efficiency without compromising compliance.
The session Challenges in Opening Corporate Bank Accounts, moderated by IFSP President Nick Captur, will explore common hurdles businesses face, including extensive documentation requirements, delays, and refusals. Banking representatives from BOV, Sparkasse, and other institutions will be present to provide recommendations on how these issues can be mitigated.
Another session on Best Practices for Corporate Banking Success will focus on actionable strategies for businesses during the corporate account-opening process. Moderated by Alexia Farrugia, panellists from HSBC, Lombard Bank, and APS, among others, will discuss the importance of clear communication, thorough preparation, and engaging local expertise.
The Financial Intelligence Analysis Unit (FIAU) will provide regulatory perspectives, emphasising the need for transparency and robust compliance measures.
Dr Bernice Buttigieg, Chief Strategy Officer of Finance Malta said: “Facilitating the smooth opening of corporate bank accounts is not just about compliance; it’s about ensuring that Malta remains a competitive and attractive jurisdiction for businesses. Through this seminar, we aim to foster a collaborative dialogue between banks, the Financial Intelligence Analysis Unit, and businesses, paving the way for practical solutions that align with both regulatory requirements and business needs.”
The seminar, to be held on January 16, 2025, will be held at the Malta Business Registry’s AM Business Centre in Zejtun. For more information or to register, visit FinanceMalta’s website: http://www.financemalta.org
