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Compliance Risks Loom Large for Maltese Banks

As the global financial landscape continues to evolve, regulatory compliance has become a top priority for banks across the globe. Malta, with its thriving banking sector, is no exception. In recent years, the country’s financial institutions have faced increasing pressure to adhere to a complex web of laws and regulations.

The Challenges Facing Maltese Banks

A study by University of Malta graduate Krista Gatt has shed light on the challenges facing Maltese banks in this regard. The research, which explored the implementation of regulatory compliance across major banking institutions in the country, found that while most institutions are well-equipped to handle today’s regulatory requirements, there is still room for improvement.

Key Areas of Concern

• Ethics, Organisational Culture and Communication: Gatt’s study revealed that these factors are crucial in ensuring effective and valid compliance approaches. However, more work may need to be done to ensure that these principles are adequately integrated into daily operations.
• Technology Adoption: The study highlighted the need for banks to invest in and implement compliance software to make full use of modern technology and stay ahead of the curve.

Methodology

The research included:

• Semi-structured interviews with experts from major Maltese banking institutions and the regulator, the Malta Financial Services Authority (MFSA)
• Anonymous surveys with non-compliance employees from the same banks
• Both qualitative and quantitative approaches were used to gather data

Findings and Recommendations

While Gatt’s study suggests that most Maltese banks are well-equipped to handle regulatory compliance requirements, it also underscores the importance of ongoing efforts to improve ethics, culture and communication within institutions. As the financial landscape continues to evolve, it is clear that regulatory compliance will remain a critical challenge for banks across Malta.

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