Malta Steps Up Efforts to Prevent Financial Crimes with Technology
In an effort to combat the growing menace of financial crime in Malta, the country’s financial regulators are turning to technology for support. The Malta Financial Services Authority (MFSA) is at the forefront of this initiative, working closely with government partners, other regulatory bodies, and industry practitioners to curb the threats posed by financial crime.
A Commitment to Collaboration
According to Matthew Scicluna, Head of Financial Crime Compliance at MFSA, “While financial crime is a significant issue, I am encouraged by the industry’s commitment to work together to make Malta a secure place to do business.” The pace of change in the financial sector can be daunting, but Scicluna remains optimistic about the progress being made.
Recent Conference Highlights Importance of Technology and Compliance
The MFSA recently organized a conference on Financial Crime Compliance: A Global Outlook, which brought together over 500 delegates from local and international regulatory bodies. The event focused on the MFSA’s role as gatekeeper to financial services in Malta, as well as the partnerships between different competent authorities that are key stakeholders in the country’s anti-money laundering and combating the financing of terrorism (AML/CFT) regime.
The conference emphasized the importance of Corporate Governance and Compliance Culture as the bedrock of an institution’s financial crime compliance program. Speakers included representatives from various organizations, including:
- National Coordinating Committee on Combating Money Laundering/Funding of Terrorism
- Financial Intelligence Analysis Unit
- Malta Business Registry
- Sanctions Monitoring Board
- Bank of Italy
- Economic Crimes Squad from the Malta Police Force
- Supervisors from MFSA itself
The Crucial Role of Technology
The event highlighted the crucial role that technology can play in preventing financial crimes. With the help of advanced tools and systems, financial institutions can better detect and prevent suspicious transactions, ultimately making it more difficult for criminals to operate undetected. By leveraging technology, Malta is taking a proactive approach to combating financial crime and ensuring the integrity of its financial system.
By embracing technology, Malta is demonstrating its commitment to preventing financial crimes and safeguarding its financial sector. As the country continues to evolve and adapt to the changing landscape, it is essential that financial institutions prioritize compliance and adopt innovative solutions to stay ahead of the threats posed by financial crime.