Enforcement - Enforcement 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. This function has a cross sectorial enforcement role and covers all areas falling under the MFSA’s supervisory function. Enforcement furthermore investigates the actions of persons carrying on financial services activities without having the necessary licence or authorisation. Enforcement 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 - Enforcement is responsible also for anti-money laundering and combating the financing of terrorism (AML/CFT) supervision of MFSA licence holders. This is carried out jointly with the Financial Intelligence Analysis Unit (FIAU) in a coordinated and integrated manner and with a risk-based approach. Supervision consists in the monitoring 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 FIAU Implementing Procedures.
International Sanctions - The remit of the Enforcement 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. This function 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.
The eventual appointee will work closely with and support senior management within the Enforcement Section of the Enforcement function of the MFSA. The duties of the Analyst shall primarily be the review of actions and where necessary the conduct of investigations of financial services licence holders or other authorized persons and /or their officials who have or are suspected of having committed serious compliance failures, serious misconduct or any other serious breaches of applicable laws, regulations, rules or other regulatory requirements. The Analyst will also be responsible for the investigation of persons carrying on financial services activities without having the necessary licence or authorization.
The duties and responsibilities of the Analyst (Enforcement) shall include:
- Investigation of licence holders and related enforcement action; Coordination and cooperation with supervisory units;
- Discussing investigative strategy with senior management; Collection of information, documentation and evidence;
- Attending meetings with licence holders and unauthorised persons under investigation;
- Conducting on-site investigation visits and surprise inspections; Analysing, assessing and discussing findings of investigations; Identifying breaches or wrongdoing;
- Preparing investigation reports, memos and correspondence;
- Consideration of representations received and discussing with senior management; Preparation of memos for submission to the Supervisory Council;
- Following up on decisions of the Supervisory Council; Attending court sittings as necessary;
- Investigation of unauthorised business and related enforcement action;
- Investigation of dubious and/or fraudulent activities or schemes; Investigation of financial crime and referral to the police;
- Internet searches and investigations;
- Preparation of notices and warnings to the public;
- Preparation of reports to the police and attending meetings with the police; Other duties and tasks as may be assigned by senior management.
We are looking for candidates with solid academic background in financial services or in accountancy, law or in another related background, a sound knowledge of financial services legislation and familiarity with the financial services regulatory framework and a relevant Post-Graduate Degree would be considered as an advantage.
The role calls for an academic qualification in a relevant field of study at National Qualification Framework Level 6 or better, duly certified by the Malta Qualifications Recognition Information Centre (MQRIC) or a widely recognised professional qualification at a comparable level.
You will also possess a minimum of three (3) years working in the area of financial services ideally with experience in financial services compliance environment or in law. Candidates with longer working experience relevant to the role will be preferred.
If you do not have the necessary academic or professional qualifications but you have at least seven (7) years within a compliance or an investigative and/or analytical environment, we would still be interested in speaking with you.
*Dear Candidate, kindly note that this role is not managed by Castille. MFSA, in this case, is responsible to manage the application process. In case of any difficulties, feel free to contact firstname.lastname@example.org, and we will direct your query to the relevant contact at MFSA.