‘Compliance should not be viewed as a mere tick-box exercise’ – MGA Chief Regulatory Officer

Rebekah Duca, Chief Regulatory Officer at Malta Gaming Authority (MGA), on Monday highlighted compliance’s crucial role in business operations, as she closed off this year’s International Compliance Association (ICA) Malta Financial Crime Compliance Conference.

The inaugural event, which was held at Hilton Malta on Monday, aimed to tackle emerging risks while also driving strategic growth. It was organised with a strategic partnership with global training provider Sigma Risk. Its agenda included a wide array of topics, including setting the regulatory scene for Malta in 2023, fighting financial crime in the country, crypto compliance challenges, as well as a number of other points of discussion.

“Compliance should not be viewed as a mere tick-box exercise but as a fundamental pillar of business operations,” she explained.

She said that senior management needs to “set the tone from the top”, while also provide the “required resources” in order to “ensure” that the organisation complies with all applicable rules and regulations.

Malta has recently witnessed some turbulent years when it comes to regulatory compliance, highlighted by the inclusion, and the subsequent removal, from the Financial Action Task Force (FATF) grey list. The need for adaptation from business in terms of compliance is integral, especially given the emergence of new technologies, the use of cryptocurrencies in financial transactions, as well as macroeconomic challenges.

Aside from Ms Duca, the conference also included keynote speeches from Financial Intelligence Analysis Unit (FIAU) Deputy Director Alfred Zammit and Malta Financial Services Authority (MFSA) Head of Financial Crime Matthew Scicluna.

Ms Duca first joined the MGA in 2011 as a Licensee Relationship Executive, and over the years has proceeded to occupy various senior positions, including Chief Compliance Officer, together with her present role.