During the First due diligence conference in Malta, a panel of experts provided their views on due diligence process on Malta’s Individual investor programme. The speech gives in depth understanding on due diligence process carried by MIIPA and Maltese Banks and is a must hear for experts in due diligence.
1. Due Diligence by MIIP and Banks
What are the main differences between due diligence process conducted by MIIPA and Banks?
Every citizenship by investment application is thoroughly scrutinised by MIIPA before it receives approval, and then it is subject to further review from local banks in order for the applicant to be able to conduct banking services in Malta.
Is the due diligence process conducted by the two entities the same? If not, how does it differ?
Ms Maruska Buttigieg Gili from BNF Bank plc, Ms Marisa Frendo from Bank of Valletta plc and Mr Alfred Zammit from the Financial Intelligence Analysis Unit gave their views on the matter.
2. Rigorous Due Diligence Process by MIIPA
What are your observations on the due diligence process carried out by the MIIPA?
The Malta Individual Investor Programme Agency (MIIPA) has put together a very rigorous due diligence process to be able to make a sound judgement on the applications put forward by the agents. Local banks and regulatory authorities are a testament to this.
Representatives from Bank of Valletta plc, BNF Bank plc and Financial Intelligence Analysis Unit gave their views on the quality of the due diligence process undertaken by MIIPA during a panel discussion moderated by Mr Hakan Cortelek.
3. Maltese Citizenship and Bank Account not Linked
Has there been any cases where the bank refused Malta IIP applicants, so they were not able to open bank account?
There are no links whatsoever between MIIPA and financial services institutions. Being granted Maltese citizenship and the right to open a bank account are not interlinked. MIIPA and local banks conduct their own assessment of the applications received, and in some cases, decisions differ. If correspondent banks dont deal with certain jurisdictions, we dont deal with such jurisdictions.
Ms Maruska Buttigieg Gili from BNF Bank plc and Ms Marisa Frendo from Bank of Valletta plc explain the reasons why this happens.
