Stepping into the role of CEO at the Malta Financial Services Authority (MFSA) a year ago, Kenneth Farrugia faced a pivotal moment demanding swift and resolute leadership. As he took the reins, it marked the beginning of a journey marked by decisive action in navigating critical challenges.
Speaker Bio
Kenneth Farrugia, CEO of the MFSA, holds a Bachelor of Accountancy (Hons), an MA in Business Ethics, and is a Certified Public Accountant and a fellow member of the Malta Institute of Accountants (MIA). Throughout his career, Mr Farrugia held audit positions both within private audit firms and the public sector.
Prior to joining the MFSA, Mr Farrugia was the Director of the FIAU, Malta’s financial intelligence and single AML/CFT Supervisor and Enforcement Unit in Malta, for six years until April 2023. During his tenure he implemented major policy, system and procedural reforms within the various sections of the FIAU, including intelligence analysis, AML/CFT supervisory and enforcement initiatives, and legal and international relation areas. Additionally, Mr Farrugia spearheaded the setting up of new teams within the Unit such as the cash limitation supervisory team, the central bank account registry and data analytics team, as well as the strategy, policy and quality assurance teams to cater for new responsibilities assigned to the FIAU by law, and also to enhance the overall governance structure of the Unit. He represented the FIAU in international fora, including the EBA AMLC, FIU Platform and EGMONT, amongst others, and participated in various AML/CFT high-level committees.
For nine years up to 2017, he was engaged within the Government of Malta’s Internal Audit and Investigations Department (IAID) where he held various roles, including that of Director General. Mr Farrugia provided support to the Internal Audit & Investigations Board (IAIB) in drafting policies and procedures, implementing and managing the necessary change programmes and served as Secretary to that Board. He also participated in various meetings, seminars and conferences organised by the European Commission in the fields of auditing and financial investigations.
Mr Farrugia is currently also the Chairman of the FIAU.
Episode 94: Charting the Course: Malta's Role in Connecting Regulators and Crypto Innovators
Episode 93: An Overview of Insurtech & Its Impact on the Insurance Industry
Episode 92: Evaluating the Impact of Compliance and Risk Management
Episode 91: The Malta Financial Services Advisory Council Strategy Document - one year update
Episode 90: Sowing seeds in the EU for future success
Episode 89: A discussion on Discretionary Portfolio Management
Episode 88: Decoding Digital Transformation in Banking and Financial Services: Trends and Insights
Episode 87: Markets in Crypto-Assets Regulation (MiCA); What is it and why does it matter?
Episode 86: Charting ESG: The WFE's Approach and Malta's Outlook
Episode 85: Malta as a Fund Servicing Jurisdiction
Episode 84: Setting up the Anti-Money Laundering Authority
Episode 83: Driving Digital Transformation Forward
Episode 82: Insights into Foreign Exchange Trading
Episode 81: A discussion with the industry on the Notified Professional Investor Funds (NPIF) Framework
Episode 80: The Blue Economy & Sustainable Ocean Finance
Episode 79: A discussion on the Notified Professional Investor Funds (NPIF) Framework
Episode 78: Suspicious Transaction Reporting
Episode 77: Market Abuse Regulation
Episode 76: The need for financial literacy
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