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The Role of the Compliance Officer in Malta: Why Outsourcing is the Smarter Choice


Radix

๐“๐ก๐ž ๐‘๐จ๐ฅ๐ž ๐จ๐Ÿ ๐ญ๐ก๐ž ๐‚๐จ๐ฆ๐ฉ๐ฅ๐ข๐š๐ง๐œ๐ž ๐Ž๐Ÿ๐Ÿ๐ข๐œ๐ž๐ซ ๐ข๐ง ๐Œ๐š๐ฅ๐ญ๐š: ๐–๐ก๐ฒ ๐Ž๐ฎ๐ญ๐ฌ๐จ๐ฎ๐ซ๐œ๐ข๐ง๐  ๐ข๐ฌ ๐ญ๐ก๐ž ๐’๐ฆ๐š๐ซ๐ญ๐ž๐ซ ๐‚๐ก๐จ๐ข๐œ๐ž


In Malta's dynamic financial services sector, compliance is not just a requirementโ€”it's a fundamental pillar of a companyโ€™s success. The responsibility of ensuring adherence to strict legal and regulatory frameworks falls on the Compliance Officer. For firms regulated by the Malta Financial Services Authority (MFSA), such as MiFID firms, investment funds, insurance companies, Corporate Service Providers (CSPs), Trust & Trustees, and payment institutions, appointing a Compliance Officer is not optionalโ€”it's a mandate.


But what exactly does a Compliance Officer do, and why are more companies outsourcing this vital role?




๐“๐ก๐ž ๐•๐ข๐ญ๐š๐ฅ ๐‘๐จ๐ฅ๐ž ๐จ๐Ÿ ๐š ๐‚๐จ๐ฆ๐ฉ๐ฅ๐ข๐š๐ง๐œ๐ž ๐Ž๐Ÿ๐Ÿ๐ข๐œ๐ž๐ซ ๐ข๐ง ๐Œ๐š๐ฅ๐ญ๐š


A Compliance Officer in Malta plays a critical role in safeguarding a companyโ€™s integrity and reputation. This individual is tasked with the development, implementation, and oversight of compliance programs, ensuring that businesses operate within legal boundaries and meet all regulatory requirements. The responsibilities of a Compliance Officer go far beyond mere box-ticking exercisesโ€”they are the gatekeepers of a firmโ€™s ethical and legal obligations.


To excel in this role, a Compliance Officer must possess an in-depth understanding of local and EU regulations. This includes familiarity with Anti-Money Laundering (AML) rules, MiFID II, GDPR, the MFSA rulebook, and sanctions monitoring obligations, among other financial laws. They work to create a culture of compliance within the organization by establishing policies, conducting regular audits, and preparing reports for senior management and regulatory authorities.


Read more at Radix blog here


Radix is a proud member of Delphi Alliance in Malta.


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