Tackling Financial Crime Takes Centre-Stage in MFSA Industry Workshop
JANUARY 29, 2020

The MFSA’s strategy to integrate financial crime compliance throughout its supervisory activities, and the risks emanating from Malta’s changing laws and economic trajectory, were key themes tackled in a recent workshop for industry players.

The workshop – a refresher course attended by over 300 stakeholders, including Money Laundering Reporting Officers (MLROs), nominated persons, Senior Compliance Officers and other interested Executives of Credit and Financial Institutions, Company Service Providers (CSPs), Trustees and Fiduciaries – was part of the MFSA’s strong drive towards assisting Maltese entities in guarding themselves against falling victim to financial criminals.

The event, held on 21 January, was in line with the Authority’s renewed commitment towards creating opportunities where it can engage with stakeholders in the financial services sector – a goal which it has placed firmly amongst its top priorities - and was organised together with FTI Consulting, the US-based consultancy firm engaged by the MFSA last year to bolster its financial crime compliance set-up.

Addressing delegates, MFSA Chief Officer Supervision Marianne Scicluna highlighted the MFSA’s strategy to integrate financial crime compliance in all its supervisory activities and its progress towards having an increasingly holistic approach to supervision. Ms Scicluna underlined that the Authority was constantly cooperating with the Financial Intelligence Analysis Unit (FIAU), and went on to emphasise that the MFSA was committed towards offering all necessary help and guidance to entities in order for them to become compliant with the rules.

Federica Taccogna, FTI Consulting’s Senior Managing Director, took the opportunity to discuss the emerging risks connected with Malta’s changing legislation and the island’s strategy for economic expansion, including the challenges the FinTech revolution heralds. Ms Taccogna also expounded on the MLRO's role, focusing on the problem areas usually found within AML frameworks. She stressed that a strong compliance culture was crucial, as was the importance of having a strong “tone from the top”.

FTI Consulting Senior Managing Director Nigel Webb and Managing Director Thea Utoft were also speakers at the workshop.