RMC Wise Ltd offers a range of services including but not limited to *Risk Management*, *Regulatory Compliance*, *Financial Services Consultancy*, *AML/CFT Compliance*, *Internal Audit*, and *Regulatory Reporting Services.*
Investment Firms Reporting (XBRL)
Investment Firms are required to report on a quarterly basis to the competent authority details about their financial information, level and composition of own funds; capital requirements, concentration risk and level of investment services activity and applicable k-factors. Firms qualifying as small and non‐interconnected are subject to a simplified regulatory regime. RMC Wise can also assist to convert this report into an XBRL report.
MiFID Reporting
Investment firms comply with regulatory transparency by submitting regular reports to the Authority. These reports cover: conduct-related data (including details about financial innovation , cross-border activity, retail investor trends, complaints received and details on any branches); prudential data (including an overview of financial data with respect to the investment services provided); and data in relation to exposure to Maltese Banks. Additionally, on a bi-annual basis Investment Firms are also required to submit a List of Financial Instruments in relation to the investment services provided to their clients during the previous 6 months.
ICARA Reporting
The internal capital adequacy risk assessment (“ICARA”) is applicable for certain MiFID firms, which are required to have in place sound, effective, and comprehensive arrangements, strategies and processes to assess and maintain on an ongoing basis the amounts, types and distribution of internal capital and liquid assets that they consider adequate to cover the nature and level of risks which they may pose to others and to which the investment firms are or might be exposed. The arrangements, strategies and processes shall be appropriate and proportionate to the nature, scale and complexity of the activities of the Company.
Recovery and Resolution Planning Reporting
The Recovery and Resolution Plan is applicable to Licence Holders which are subject to the Recovery and Resolution Regulation, who are required to submit to the Authority an original copy of the Recovery Plan by not later than 1 June of each year. The main purpose of this document is to determine the procedure and possible recovery and preparatory measures to be taken by the Company in order to restore the long-term business prospects in the event of a significant deterioration of the financial condition or an unforeseen crisis.
Financial Return for Custodians Appendix 2D
The MFSA requires Depositaries to compile and submit quarterly statistical returns relating to the funds and assets under custody, otherwise known as the Appendix 2D. RMC can help making this reporting easier by compiling the Appendix 2D return and guide your organisation with the filing on the MFSA LH Portal.
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FAQ'S
What services does RMC Wise Ltd provide?
What is Risk Management, and how does RMC Wise Ltd approach it?
Risk Management involves identifying, assessing, and prioritizing risks to minimize, monitor, and control the probability or impact of an event that may or may not have a negative outcome on the Company. RMC Wise tailors risk management solutions based on a thorough understanding of each client's risk profile, business model and overall objectives, offering services such as governance, policies & procedures, enterprise-wide risk assessments, outsourced risk management functions, and cyber risk support.
What is Regulatory Compliance, and why is it important?
Regulatory Compliance ensures that a business adheres to external rules and internal controls imposed by regulatory bodies. It aims to protect license holders and their clients, ensure fair and transparent markets, reduce systemic risk, and combat financial crime. The Compliance Function advises and assists personnel in complying with legal and regulatory obligations, regularly assessing the effectiveness of measures and procedures in place. This is done through the effective implementation of a risk-based Compliance Monitoring Programme (CMP).
How does RMC Wise Ltd assist with AML/CFT Compliance?
RMC Wise Ltd helps businesses meet their Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) obligations by providing services such as risk assessments, customer due diligence, ongoing monitoring, transaction reporting, and AML training. They assist firms in implementing robust frameworks to prevent financial crime and comply with regulatory requirements.
What Internal Audit services does RMC Wise Ltd offer?
RMC Wise Ltd provides independent Internal Audit services to its clients. Internal Audit is crucial for ensuring the efficiency, security, and compliance of an organization. It provides independent assurance that a company’s risk management, governance, and internal control processes are functioning effectively. Moreover, Internal Audits help identify weaknesses, improve operational efficiency, and ensure compliance with regulatory requirements, reducing the risk of fraud and financial mismanagement. Our services include reviewing compliance with regulatory requirements, evaluating operational risks, and offering recommendations for process improvements to ensure organizations operate efficiently and securely. This is done through the effective implementation of a risk-based Internal Audit Plan.
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