The British High Commission, in collaboration with the Financial Intelligence Analysis Unit (FIAU) Malta and Malta Financial Services Authority, organised a full day training session on Money Laundering and Funding of Terrorism Typologies on 18th April, 2023.
Martin Xerri, MeDirect’s Senior Financial Manager and Money Laundering Reporting Officer (MLRO) was part of the panel discussing Financial Crime Compliance from an International perspective. He discussed MeDirect’s current model and future plans. He also pointed out the importance of sharing knowledge between regulators, other financial institutions and the general public, stressing that Public-Private Partnerships (PPP) and information sharing are vital to effectively fighting financial crime.
During the panel session there were also discussions relating to issues experienced by local banks in continuing Malta’s and their institutions’ strategies in mitigating risks and the importance of transaction monitoring. They also discussed sectors like crypto and gaming and the local banks’ risk appetite within these areas.
The discussion also evolved on the importance of implementing the monitoring requirements of international bodies in addition to what’s legally binding in Malta (e.g. US OFAC). These requirements have an operational impact on correspondent bank relationships and their subsequent risk appetite when dealing with local banks.
