Annual Report 2023
Strengthening our role as an effective and engaging regulator, as we keep people’s financial well-being at the heart of our mission.
“We understand financial services impact real lives. This year, we focused on consumer protection as we continue to cultivate trust in the industry through transparent actions and ethical principles. We ensured clear communication and fair treatment, keeping people’s financial well-being at the heart of our work.”
Jesmond Gatt
Chairman
“In 2023, we solidified our role as an effective, engaging, and forward-looking regulator. The MFSA strengthened Malta’s positioning as an international financial hub through enhanced supervisory oversight and enforcement, a focus on innovation and efficiency, and wider stakeholder engagement.”
Kenneth Farrugia
Chief Executive Officer
“In 2023, the MFSA strengthened its supervisory engagement, which increased by 50% when compared to 2022. Our strategic alignment of 2023 and 2024 priorities with European agendas underscores our commitment to global standards. These initiatives have paved the way for the introduction of an outcomes-based supervisory model in 2024.”
Christopher P. Buttigieg
Chief Officer Supervision
“Our enforcement team had a busy year, with nearly 500 investigations ongoing. To deliver on our strategic priorities relating to crisis preparedness and management, we have strengthened our resolution capabilities and upped the ante on due diligence to protect the integrity of financial services. We are committed to continue fostering a strong compliance culture, with a focus on transparency in our processes.”
Michelle Mizzi Buontempo
Chief Officer Enforcement
“We’re fostering innovation while keeping the industry stable and secure. In 2023, we introduced the Notified Professional Investor Fund (NPIF) to streamline regulation. Also, our analysis of international trends and cross-sectoral risks, and Sustainable Finance (TSI) project, underscore our commitment to forward-thinking regulation.”
Michael Xuereb
Chief Officer Strategy, Policy and Innovation
“We’re investing heavily in human capital and the continuous upskilling of our people, supported by a comprehensive digitalisation strategy. The upcoming Supervisory Cycle Management System (SCMS) is a key component, which will enable us to leverage data and cutting-edge business process orchestration for a more agile approach to supervision.”
Ivan Zammit
Chief Officer Operations
“The MFSA Annual Report highlights our efforts towards global collaboration, enhancing bilateral relationships with local and foreign regulators and institutions. We entered in new MoUs as part of our outreach strategy, contributed to EU legislation transposition and implementation, and participated in working groups to align with the EU regulatory agenda.”
Edwina Licari
General Counsel
Our People
448
Full-Time-Equivalent Employees,
including 107 New Recruits
67
International Employees
from 23 Countries
350+
Opportunities for International Exposure,
Participating in over 60 International Forums
17+
Social and Networking
Events
27,400
Hours of Training for Staff,
up by 29%
69
Training Sessions through Our
Financial Supervisors Academy
Our Work
2,304
Authorised
Entities
352
Applications Processed,
84% of which were Approved
1,300
Due Diligence
Reports
1013
Supervisory Interactions,
up by 50%
49%
of Inspections had an
AML/CFT Focus
€448,000
in Penalties, as part of
the 77 Enforcement Actions
34
Public Warnings
and Consumer Notices
10
Conferences and Industry Briefings,
Hosting 113 Speakers
3.2M
in Social Media Reach
and Video Views
Our Five Strategic Pillars
Delivering Agile & Proactive Regulation
Delivering Agile and Proactive Regulation
We are streamlining supervision to be more agile, risk-sensitive and data-driven, while continuously improving processes and addressing timeliness, in order to address regulatory concerns promptly and efficiently.
Sustaining a Resilient & Internationally Networked Financial Sector
Sustaining a Resilient, Internationally Networked Financial Sector
We aim to build a robust financial sector that is well-connected internationally, promoting stability and growth in a global environment.
Promoting Good Governance & Compliance
Promoting Good Governance and Compliance
We are placing good governance programmes on a durable footing and launching compliance initiatives designed to ensure, build and maintain confidence levels.
Embracing Innovation
Embracing Innovation
Innovation is at the heart of our strategic vision. We are focused on integrating digitalisation in our operations, evaluating emerging business models, and ensuring that our regulatory framework supports technological advancements and new business processes.
Engaging with the Public
Engaging With the Public
Public engagement is essential for transparency and trust. We aim to enhance our outreach efforts, engage with consumer associations, and collaborate with educational institutions to promote financial literacy and attract talent to the sector.
The State of the Financial Industry
€1,251 Million
Generated by the Local Financial Sector, Equivalent to 8.6% of Malta’s GVA
11.8%
Growth from 2022 to 2023
18,100
Employed in Financial Services in Malta
€2,573
is the Average Monthly Basic Salary
