MFSA Names Kenneth Farrugia as New CEO, Effective April 12

The Malta Financial Services Authority (MFSA) has appointed Kenneth Farrugia as its new Chief Executive Officer in accordance with article 2 of the Malta Financial Services Authority Act, succeeding Michelle Buontempo, who held the position of Acting Chief Executive Officer for the past months, effective from April 12.

"Mr Kenneth Farrugia has the required skills with proven leadership to provide the necessary impetus to implement the changes and reforms required by the organisation going forward," stated the Board of Governors of MFSA. "Mr Farrugia has the right attributes, experience and proven track record to carry out the necessary structural, organisational, and operational reforms within the Authority and to successfully lead it forward over the coming years."

Farrugia 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 regulator stated in the latest announcement: "Mr Farrugia is technically very well prepared and has exceptional organisational development skills. He is also personally very well regarded at an international level by a number of supranational authorities including the European Commission, European Banking Authority, Egmont Group of Financial Intelligence Units and MONEYVAL, and has been acclaimed by the US government for his achievements and integrity. He is also highly regarded by the wider community of industry stakeholders in Malta, which is considered essential for the MFSA."