Compliance Market September 2022
Due to the financial backbone that sustains Malta, along with generous tax structures – both corporate and private, an English-speaking population and proficient government services, Malta is an attractive destination to establish compliance functions with many industries, including fintech and iGaming.
So far in 2022, the salaries in Malta for regulatory compliance professionals have slightly increased because the demand is slightly higher as the sector continues to become more specialised and integral to businesses as they expand into new export markets.
Companies looking to grow their teams mostly with compliance skills are primarily iGaming, business service providers, consulting / advisory firms, insurance, and fintech companies. In turn, candidates in the highest demand have extensive exposure to North American regulations, in particular, the New Jersey and Ontario Jurisdiction for the gaming companies and EU regulations for the other industries.
The financial services sector has continued its stability, focusing its attention on the role of Pqued Compliance Officers besides MLROs, where the approval process has kept on becoming more meticulous than before.
iGaming is showing even more vibrant signs in a strong international market, especially on the regulatory side. We observed demand for compliance professions in regulated markets and there is a demand for people with language skills such as Spanish, German & Dutch. Organisations have increased requests for candidates who speak these languages to better liaise with the regulators.
Moreover, many companies are expanding into the USA but also expanding into Asia, in particular Japan. Due to the cultural challenges in Japan working in iGaming and the quality-of-life issues in the USA, it is very common to attract professionals from these countries to Malta. Companies are willing to hire remote workers to accommodate this need for skilled compliance professionals with relevant market experience.
Concerning benefits, remote flexibility is one the most common benefits requested by compliance candidates as well as private health insurance. The hybrid work model is the most popular choice if considering a role in this specialisation.
Adding to this, gaming companies are offering more flexibility and allowing employees to work for short periods in their home countries if this is something they desire.
Malta’s geographical location is not only attractive in terms of the local quality of life it offers, but its Mediterranean surrounding areas also play a part in attracting compliance professionals to relocate to Malta.