Who is the UBO? The Importance of Identifying the Ultimate Beneficial Owner in the financial industry.

Description:

If doing any business that involves a second part, financial and trading institutions and organisations are subjected to mandatory ultimate beneficial owner check and disclosure. The legislation and regulations to UBO identification and verification are quite intricate and not always straightforward. It also claims that the ownership information has to be updated and to be accessible to obliged entities, authorities etc. The core reason for UBO identification and verification is always to prevent financial malintent.

Course Topics:

• The value of CDD information
• Transparency and beneficial ownership requirements
• The requirement for enhanced due diligence in high risk situations

Learning Objectives:

• Explore definitions of CDD and the value of CDD information
• Consider who the customer is for the purposes of regulated enitites
• Discuss how CDD relates to regulatory requirements

Target Audience:

Professionals within the financial services sector.

Assessment Questions and Answers:

In line with MFSA requirements, a short multiple-choice assessment will be provided by the trainer towards the end of the session. A Certificate of Attendance will be awarded to all students who attend the CPD (duration will be included on certificate). A Certificate of Achievement will be awarded to those who sit for the assessment and are successful (pass mark 60%).

Trainer Name:

Silvio Chetcuti

Trainer Bio & Experience:

Silvio graduated in Business Management from the University of Malta in November 2003. He continued to further his studies and by January 2007, had successfully completed his Masters degree specialising in Finance from the University of Leicester. In November 2021 he obtained the flagship qualification and the industry standard for MLROs and professionals managing money laundering risk – the ICA International Diploma in Anti Money Laundering.

He joined Bank of Valletta in June 1989 and now has over 33 years of diversified experience within the Financial Services industry. His career path has led him to form part of several teams across different units within the Bank. Various roles within both the Branch network and Wealth Management have served to enrich his knowledge and expertise when dealing with portfolios of investment and credit clients. For the last 4 years he occupied the role of a Deputy MLRO at Bank of Valletta, Head of Investigations and Lead for the AFC Advisory, Policy & Training. Currently he is the AFC Specialist for the BOV Business Banking area.

Silvio offered a vast array of lecturers at the St. Martins Institute for Higher Education for students reading for the BSc, Banking and Finance by The London School of Economics and Political Science. Silvio also offered lectures at the Malta International Training Centre and at the University of Malta.

Currently forms part of the ACAMS Malta Chapter board.