Bank of Valletta plc (BOV) Money Laundering Reporting Officer (MLRO) Ryan Caruana has emphasised the common responsibilities the financial and maritime sectors have, as both encountered various economic sanctions along with other trading and payments constraints over 2022.

Mr Caruana was speaking during Malta Maritime Forum’s (MMF) progress meeting last month, with his discussion falling under the theme of “Tackling Anti-Money Laundering and Anti-Financial Crime Responsibilities Together”.

BOV and MMF are working together as supporting partners through the facilitation of dialogue and the sharing knowledge and expertise. The partnership aims to “achieve alignment on matters relating of common concern such as compliance responsibilities”, along with enhance the banking relationship management process to the mutual benefit of both the maritime community and the bank.

He offered words of encouragement to the maritime community by saying that such common obligations needed to be taken “very seriously by all players in the value-chain” that needed to fully abide by all regulations.

Mr Caruana also remarked that BOV “was and will continue to be open” for all legitimate business arising from the maritime sector.

MMF stated that over the coming months, it will intensify its efforts to offer its cooperation and expertise to the bank and its staff, in a bid to “enhance mutual understanding and banking relationships for its members”.