The specific information being provided below is in addition to and complements the basic details included in the relevant public call for the vacancy in question.
The Enforcement Unit Enforcement - The Enforcement Unit is responsible for reviewing the actions and where necessary conducting investigations of licence holders who have or are suspected of having committed serious compliance failures, serious misconduct or any other serious breaches of the law. The Enforcement Unit has a cross sectorial enforcement role and covers all areas falling under the MFSA’s supervisory function. The Enforcement Unit furthermore investigates the actions of persons carrying on financial services activities without having the necessary licence or authorisation. The Unit investigates also suspicious or dubious schemes and takes the appropriate action in such cases, including reporting suspicion of criminal activities to the police.
AML/CFT - The Enforcement Unit is responsible also for anti-money laundering and combating the financing of terrorism (AML/CFT) supervision of MFSA licence holders. This consists in the supervision of compliance by MFSA licence holders with the requirements of the Prevention of Money Laundering Act, Prevention of Money Laundering and Funding of Terrorism Regulations and the Financial Intelligence Analysis Unit (FIAU) Implementing Procedures. Supervision is carried out by the MFSA jointly with the FIAU in a coordinated and integrated manner and with a risk-based approach.
International Sanctions - The remit of the Enforcement Unit includes also the monitoring of developments in the area of international (financial) sanctions issued from time to time by the United Nations Security Council, the European Union and through national legislation. The Unit seeks to ensure that licence holders are aware, understand and comply with the requirements of international sanctions and other restrictive measures including sanctions lists, and provides them with information and guidance thereon.
Purpose behind the Recruitment
Through this recruitment, the MFSA is looking for applicants with a finance or legal related academic background to form part of a supervisory team of analysts within the AML/CFT Section of the Enforcement Unit. The eventual appointee will be appointed at level (Analyst 1).
- A University of Malta Honours Degree or equivalent qualification in a financial services related discipline or in an area which is otherwise considered relevant to the functions and duties attached to this post, or in Law (LL.D), or a comparable recognised qualification at NQF level 6 or better, duly certified by the Malta Qualifications Recognition Information Centre (MQRIC)*.
- preferably worked within the financial services sector, ideally with experience within an AML/CFT compliance environment; a good knowledge of Maltese anti-money laundering and combating financing of terrorism legislation and ideally of international AML/CFT standards
- Assisting with collection and analysis of data from subject persons, FIAU and MFSA Supervisory Units
- Assisting in risk assessment and identification of supervisory priorities
- Coordination of joint supervisory work with FIAU
- Coordination with Supervisory Units
- Coordination with subject persons
- Conducting on-site supervisory visits
- Carrying out pre-visit preparatory work
- Carrying out post-visit work including drafting of visit reports and findings letters
- Attending meetings with subject persons as necessary
- Attending FIAU Compliance Monitoring Committee meetings
- Attending training / technical meetings at FIAU
- Compiling supervisory information for statistical purposes
- Replying to requests for information by FIAU and police
- Other duties as may be assigned from time to time
Soft Skills Required
- ability to multi-task and to meet strict deadlines;
- very good written and verbal communication skills;
- ability to work within a team;
- ability to work on own initiative;
- a high degree of self-confidence;
- assertive qualities;
- ability to conduct interviews of persons and to carry out inspections.