A great deal of work has occurred over the past 6 months causing this sector to thrive. After failing an assessment of an AML regime, Malta has had to go under investigation and submit a report to Moneyval to prove they are a trusted economy and to remain off the ‘grey’ list. This has enhanced this sector as a vast number of financial experts had to be hired as businesses had to implement auditing checks every 4-5 months.
Many new procedures have been implemented in this sector. One of the biggest trends seen over the past 6 – 12 months has been the need for compliance. Only positive outcomes can come from the Moneyval investigation as it has raised awareness about the importance of compliance and how often these checks need to be implemented.
Regulation and Anti Money Laundering checks were a strong trend in Q4 of last year. Pushing blockchain to be regulated has also been a massive trend this quarter, driving more compliance checks for Malta to be the first regulated country. Cryptocurrency will have to be regulated which will increase demand for compliance causing this sector to consistently thrive over the next few months.
The skillsets that are in high demand have been AML and Financial Crime Regulation. Skills in the gaming sector have greater demand as this is an emerging market. Salaries have been slowly increasing and most companies in a regulated market (financial, corporate, insurance and gaming) are hiring in this sector.
Candidates who are considering a role in this sector understand the responsibility that comes with it. Progressive companies value a compliance department as an investment rather than a cost.
Hiring companies are searching for candidates that do not only have technical knowledge but also operational awareness. They need to have an understanding that they must be compliant and have a thorough legal knowledge but also the operational awareness to help the business grow.
These companies want candidates with a strong mindset to protect the company but also be aware of regulations. They also desire candidates who are specialised in commercial, legal and technical knowledge.
Benefit schemes remain the same with a high percentage of candidates searching for opportunities that offer remote work or flexitime.
This sector is becoming more valued possibly due to COVID-19.