Malta Forex Compliance Officers: Background

On obtainment of the Forex Licence, Licence Holders are bound to adhere to all the requirements and conditions laid down in the Investment Services Act, the Regulations issued thereunder and the Standard Licence Conditions.

The Forex Licence Holder is required to establish and maintain a permanent and effective compliance function which is to operate independently from the other activities of the forex Licence Holder. The underlying rationale of the compliance function is to detect any risk of failure on the part of the Licence Holder of not complying with one’s legal obligations.

A Forex Compliance Officer must be appointed by the forex Licence Holder in order to be responsible for the compliance function and act as contact point between the Licence holder and the MFSA as regards matters of compliance. The Compliance officer is to have the necessary authority, resources, expertise and access to all relevant information of the Licence Holder in order to perform its functions.

The appointment of an individual as a forex Compliance Officer is subject to the MFSA’s prior approval and the Compliance Officer may also act as the Licence Holder’s Money Laundering Reporting Officer.

Compliance Responsibilities

The Compliance Officer’s responsibilities are defined as follows:

• to monitor and to assess on a regular basis  the adequacy and effectiveness of the measures and procedures put in place by the Licence Holder to comply with its obligations in accordance with the requirements of the Standard Licence Conditions and the actions taken to address any deficiencies;
• to advise and assist the relevant persons responsible for carrying out Investment Services and activities to comply with the Licence Holder’s legal and regulatory obligations.

Our Forex Compliance Services

Our post-licensing compliance service gives our clients access to a team of experienced lawyers and accountants dedicated to ensuring that all compliance matters are duly attended to. We have broad industry expertise having assisted businesses focusing on various financial industry sectors. We can assist in the preparation of all regulatory returns, the drafting of policies and reports, advise in relation to investor protection issues, handle statutory notification requirements and assist businesses in their relations with their regulator.