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As the year draws to a close, here are our final topics for 2021

01 Nov 2021

The MITC training calendar for the year 2021 is nearing completion and with December being highly festive, most CPDs will be held in November giving an opportunity to those counting their CPD hours to tally with their structured training obligations. CPD sessions are being held online notwithstanding the recent low number of new daily cases being reported by the Malta health authorities. We have had feedback that such online sessions are preferred given the flexibility and the reduction in time spent commuting.

Our next CPD sessions

Throughout the year, MITC organised anti money laundering (AML) related programmes and for a good reason too. As the regulations and the regulators mounted pressure on organisations to have sound structures, systems and accountability for money laundering, MITC organised a number of monthly training topics delivered by hands-on AML/CFT experts sharing knowledge and updated information to the attendees. In this regard, MITC is scheduled to organise diverse sessions on AML. One of these will be on a case study basis, another delves into FIAU inspections particularly the penalty regime and the remaining session will outline the new features of the CSP rulebook. All these sessions will be delivered by seasoned lecturers who themselves are practitioners that have experienced these aspects of AML/CFT.

The Insurance Distribution Act (CAP. 487) Part B – Conditions for carrying out Insurance Distribution Activities and Reinsurance Distribution Activities, namely section 6.7.2 states that a relevant person and a relevant employee shall demonstrate compliance with the following knowledge and ability criteria: (a) Legal Aspects; (b) The Insurance Sector: market, market participants and products; (c) Ethics and Professional Conduct; (d) Assessment of client needs; (e) Information disclosure; (f) Financial competency. Therefore, it was felt that some importance to (f) financial competency should be given especially since most practitioners are unfamiliar with the empirical side of the business. It is important for the modern practitioner to be conversant with all aspects tied to the insurance business. For this purpose, we are inviting non-accountants to attend a session on “how to read insurance related financial statements” which will be delivered by a practitioner who is a fully fledged accountant and who has worked in the insurance industry.

Training at MITC

MITC ensures that the training is diverse and far-reaching offering an opportunity to all those seeking to comply with the 12 hours of formal structured training. In this respect, we encourage to spread your training obligation throughout the year. We suggest you visit our site at https://www.mitcentre.com/cpds/ to check out what is relevant for your needs.

The CPD sessions planned by the MITC have been tailored in response to feedback received by the market asking for particular topics to complement their professional work. The CPD talks intend, above all, to provide the attendees updated and first-hand information on matters relevant to the business world.

To give us feedback or for tailor made sessions contact us here.