Issue link: https://maltatoday.uberflip.com/i/1531177
9 maltatoday | WEDNESDAY • 8 JANUARY 2025 NEWS OPENING a corporate bank ac- count is a crucial yet increasingly challenging step for businesses operating in today's increasing- ly regulated environment. With heightened compliance measures, more extensive documentation requirements, and occasional de- lays, many companies are finding it harder to manage the banking process in Malta smoothly. Given the relevance of smooth banking facilities to any busi- ness undertaking, whether local companies or international firms seeking to move their operations to Malta, this issue is intrinsically linked with Malta's competitive- ness. To address these hurdles, Fi- nanceMalta, in collaboration with the Institute of Financial Services Practitioners (IFSP) and the Mal- ta 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 profes- sionals, and compliance experts, this event will demystify the risk- based approach used by Maltese banks and will seek to reach ac- tionable 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 sem- inar's objectives. Mark Drago, Chair of MBA's Standing Com- mittee on Financial and Cyber Crime & Fraud, will then pres- ent a foundational overview of the risk-based approach (RBA) to banking. Drago will delve into how banks assess risk, from cus- tomer profiles to geographical exposure, and explain how reg- ulatory 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 proce- dures, offering solutions to en- sure efficiency without compro- mising compliance. The session Challenges in Open- ing Corporate Bank Accounts in Malta, moderated by IFSP Pres- ident Nick Captur, will explore common hurdles businesses face, including extensive documen- tation requirements, delays, and refusals. Banking representatives from BOV, Sparkasse and BNF will be present to provide recom- mendations on how these issues can be mitigated. Another session on Best Prac- tices for Successfully Opening a Corporate Bank Account will focus on actionable strategies for businesses during the corporate account-opening process. Mod- erated by IFSP Council Mem- ber Mirko Rapa, panellists from HSBC, Lombard Bank, APS and the FIAU, will discuss the impor- tance of clear communication, thorough preparation, and en- gaging local expertise. The Financial Intelligence Analysis Unit (FIAU) will provide regulatory perspectives, empha- sising the need for transparency and robust compliance measures. Dr Bernice Buttigieg, Chief Strategy Officer of Finance Mal- ta said: "Facilitating the smooth opening of corporate bank ac- counts is not just about com- pliance; it's about ensuring that Malta remains a competitive and attractive jurisdiction for busi- nesses. Through this seminar, we aim to foster a collaborative dia- logue between banks, the Finan- cial Intelligence Analysis Unit, and service providers paving the way for practical solutions that align with both regulatory re- quirements and business needs." The seminar, to be held on Jan- uary 16, 2025, will be held at the Malta Business Registry's AM Business Centre in Zejtun. For more information or to regis- ter, visit FinanceMalta's website: www.financemalta.org From challenge to solution: unlocking the corporate bank account APS Bank has launched its newly designed debit card. As the first of its kind in the local market, the en- hanced card offers improved functionality, security, and accessibility for customers. The new design features include: • Larger card numbers: card details are displayed in a larger, easy-to-read format, split into four rows of four digits each. • Details relocated for security: card information has been moved to the back of the card, enhancing privacy and removing the need for a signature panel. Existing features that customers love were kept, including: • A sleek vertical layout with bold, modern colours. • A cut-out notch, to assist visually impaired users. • Sustainable materials, reinforcing APS Bank's commitment to the environment. Reuben Grech, Senior Cards & Payments Manag- er, shared his thoughts on the innovation. "Our new debit card reflects our dedication to en- hancing customer experience, while prioritising se- curity, sustainability, and inclusivity," he said. "We're proud to introduce a product that meets the evolving needs of our customers and sets a new benchmark locally." APS Bank launches enhanced debit card design