MFSA gets new CEO; FIAU appoints Acting Director

Kenneth Farrugia has left his post at the Financial Intelligence Analysis Unit to take up a new role as the Chief Executive Officer of the Malta Financial Services Authority.

“As I settle into this appointment and reflect on the opportunities and challenges that lie ahead, I am both humbled and excited to have taken on the role of CEO at the MFSA. As a team, we are embarking on an exciting journey as we implement our three-year Strategic Plan,” Mr Farrugia said.“I remain committed to working closely with our stakeholders to achieve our shared goals and to ensure that the MFSA continues to be a trusted and respected regulator that fosters innovation, growth, and stability in the financial services sector.”The appointment was made by the regulator’s Board of Governors with effect from 12 April, 2023.

Photo - Mr. Kenneth Farrugia, CEO, Malta Financial Services Authority (MFSA)

Mr Farrugia takes over the helm from Acting CEO Michelle Mizzi Buontempo, the Chief Officer for Enforcement, who stepped in when Joseph Gavin left the post in autumn of 2022.Mr Farrugia, an accountant by profession, has extensive experience in leadership, with previous appointments as Director General at the Internal Audit and Investigations Department (IAID) and as Director of the Financial Intelligence Analysis Unit (FIAU).The FinanceMalta Board of Governors wishes Mr Farrugia all the best in his new role.He is the second person to join the MFSA from FIAU. Earlier this year, the former Chairman of the FIAU Board, Jesmond Gatt, was appointed as MFSA Chairman.In the meantime, the Board of Governors of the FIAU appointed Deputy Director Alfred Zammit as the Acting Director of the Unit.

Photo - Mr. Alfred Zammit, Acting Director, Financial Intelligence Analysis Unit (FIAU)