A great deal has been said about Malta’s financial services system, yet few reflect on the complex operation that takes place behind the scenes by entire teams of professionals dedicated to protecting public trust, ensuring fairness, and strengthening the country’s reputation abroad.

Among these, an elite group is specialised in a supervisory function, playing a pivotal role to bridge regulation with real-world practice, ensuring that Malta’s financial sector continues to meet the highest international standards.

Whoswho.mt met with Senior Manager Kristina Arbociute and Remediation Manager Clyde Fenech, both from the Supervision function within the FIAU, to better understand how their work contributes directly to safeguarding the entire financial services ecosystem.

Ms Arbociute’s journey within the FIAU began in 2016 when it was still a rather small organisation. “At the time, the whole FIAU was smaller than the Supervision Section is today,” she recalls. With experience as a Money Laundering Reporting Officer and Compliance Officer in an investment firm, she was already drawn to the world of anti-money-laundering and counter-terrorist financing (AML/CFT).

“I’ve always been passionate about law, continuous learning, and maintaining high standards of integrity in my work. The FIAU embodied all these values, and it was both a privilege and honour for me to join the team,” Ms Arbociute says. Over the years, she grew into a leadership role, first overseeing a sectoral team and eventually managing multiple teams within Supervision, guided by the same principle of upholding trust through professionalism and fairness.

It was a drive for purpose that drew Mr Fenech towards the FIAU, after he had obtained experience in both the private sector and other regulatory authorities. “I had worked in compliance, AML/CFT, and banking supervision, but I wanted more than routine tasks, I wanted purpose,” Mr Fenech shares. He found that sense of meaning at the FIAU, in a mission that runs across the organisation. “It’s not just about checking boxes. It’s about protecting Malta’s financial integrity.”  

Within Supervision, he found his place in Remediation, ensuring that shortcomings identified during examinations are properly addressed. “The quality of our follow-up is key. It’s what ensures that improvements are not just written down but truly implemented, strengthening both compliance systems and cultures.”

Supervision, as both Ms Arbociute and Mr Fenech emphasise, is one of the most critical pillars of the FIAU’s work. It is one of the key tools that safeguards Malta’s credibility and ensures that its gatekeepers, from banks to accountants and real estate agents, operate with diligence and transparency.

“Every time we guide a subject person (an entity or individual carrying out either relevant financial business or relevant activity under Prevention of Money Laundering and Funding of Terrorism Regulations) towards better compliance, we strengthen public trust and protect people from the harm that financial crime can cause,” Mr Fenech explains.

Ms Arbociute agrees. “Supervision ensures that subject persons operate in line with regulatory requirements and develop a culture of compliance that goes beyond box-ticking. Through risk-based engagement, we identify weaknesses, provide guidance, and help subject persons build stronger frameworks. Each review and follow-up contributes to Malta’s standing as a trusted jurisdiction.”

In practice, Supervision involves continuous engagement with subject persons, conducting risk-based oversight, and carrying out both on-site and off-site examinations, which encompass reviewing AML/CFT policies, and assessing effective implementation.

“We don’t just look at documentation. We assess how AML/CFT controls are effectively implemented in practice. The examination outcomes include follow-up actions, overseen by the Remediation team within Supervision, ensuring that less material and non-systemic concerns identified are adequately resolved,” Ms Arbociute continues.

More serious or systemic breaches are referred to the FIAU’s Enforcement Section, but the objective of Supervision remains preventive rather than punitive. “We detect and correct issues early. Our role is to guide subject persons before matters escalate,” Mr Fenech explains.

This proactive approach also extends to thematic reviews, where the FIAU analyses sector-wide trends and publishes guidance to help industries strengthen their defences. “Supervision works directly with subject persons to build robust frameworks that prevent misuse of the financial system,” Ms Arbociute adds. “That work complements what our Intelligence Analysis section does, that is handling suspicious transaction reports and supporting law enforcement. The effectiveness of that process depends greatly on the quality of reporting, which we help to cultivate through supervision.”

The people who compose the Supervision team come from diverse backgrounds, including banking, law, finance, criminology, and more. “That diversity allows us to approach complex AML/CFT matters from a multiplicity of perspectives,” Ms Arbociute notes. “However, technical knowledge alone isn’t enough. Success depends on perseverance, attention to detail, and strong communication.”

“You need integrity, curiosity, and a genuine care for doing things right. Being a team player is also crucial; the strength of our work lies in collective effort and shared purpose.”

The FIAU’s commitment to professional growth underpins its success. Continuous learning forms an integral part of the organisation’s culture, with specialised training, international conferences, and mentorship forming part of everyday life.

“The FIAU even sponsors further studies and professional qualifications, ensuring that its people remain at the forefront of global regulatory practice. Every case, every discussion, every new challenge is an opportunity to grow.”

“Keeping up with the pace of new standards is one of our greatest challenges,” Mr Fenech concedes, given the ever-shifting regulatory landscape, which demands the utmost agility and foresight. From her end, Ms Arbociute emphasises how technology and collaboration are central to this ever-developing process. “We continue to integrate new tools to enhance efficiency, while coordinating closely with other authorities. Ultimately, consistency and objectivity remain our compass, ensuring Malta’s credibility on the international stage.”

For both Ms Arbociute and Mr Fenech, the reward lies in the purpose of their work. “Every remediation case we close represents a tangible improvement in Malta’s defences against financial crime,” Mr Fenech says. “It’s fulfilling to know our efforts contribute to national integrity and public trust.”

Ms Arbociute echoes the sentiment, noting real, measurable improvements as her greatest satisfaction in her professional life. “When our guidance helps subject persons improve awareness and strengthen their controls. That’s when you know you’re making a difference,” she confirms.

For aspiring professionals, the FIAU offers a career defined by purpose, challenge, and growth. Anyone interested in knowing more, the FIAU is organising an Open Day on 11th November, showcasing opportunities of employment.

“It’s a great opportunity to meet our people, learn about the roles available, and see how your skills can fit into our mission.”