Episode 95: Leading with Purpose: Kenneth Farrugia's First Year at the MFSA

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 BioKenneth 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.