A tender for a “game-changing” repository for due diligence documents is expected to be issued during the second quarter of next year.

The repository will provide corporate service providers and government entities with the basic documents needed to carry out due diligence checks on their clients.

Speaking during a media briefing, Economy Minister Silvio Schembri said the game-changing repository will cut down on requests by government entities and service providers for basic due diligence documents like ID cards and utility bills.

People will instead be able to upload these documents to the repository, and then opt with whom they wish to share them.

A total of 18 proposals to develop this new due diligence repository were received by the government this summer.

Schembri said that while service providers will be able to access basic due diligence documents from the repository, they will still be responsible for making the final call on whether to do business with a client.

“The government is not taking on the responsibility for due diligence…This is a tool to help service providers,” Schembri said.

The system will initially be open to government entities during the trial phase, and will then be opened up to the private sector.

Talks are under way with the Malta Bankers’ Association on how to incorporate basic information needed by banks when opening new business relationships with clients.

The process is being led by the Malta Business Registry.