Compliance & AML Jobs Market April 2023
The need for compliance and AML specialists in Malta has risen steadily over the past year. To manage the new and frequently shifting regulatory environment in the European and Maltese markets, businesses now need larger and more established compliance departments.
Beyond technical proficiency, the skill sets most in demand in the current market is a strong appetite for local experience in general, and in particular, within the iGaming industry – regulatory compliance with a focus on USA/Latin. The languages in demand are Spanish, Dutch, and German in the financial services industry – compliance with a focus on European directives, Risk Solvency II, and the willingness to be liable to be MLROs; and in insurance – regulatory compliance is very rare.
The market has undergone significant changes over the past six months. Since becoming white-listed, businesses are under less pressure to have a compliance function or risk if they can legally outsource the function. In the iGaming industry, successful companies have hired from businesses that have gone bankrupt or are about to do so, causing the market to temporarily become oversaturated with candidates.
In line with previous years, salaries have increased, more people are accustomed to working remotely, and now that more people are leaving Malta for completely remote opportunities, it is more difficult for businesses to remain competitive.
Due to their high attrition rates, banks and new insurance firms entering or expanding in the Maltese market are presently making the biggest hires.
If a candidate is not from Malta, they may also be looking for wellness benefits, work-from-home opportunities, health insurance, and performance bonuses. On the other hand, companies are also searching for loyalty in addition to technical expertise due to the fact that many employees only stay in a position for a year or less on average.
In terms of intriguing trends, it appears that local businesses are cautious and take longer to find non-priority roles such as compliance and risk because of global redundancies in Fintech and tech. The largest iGaming firms appear to be acquiring smaller ones as they gain an increasing amount of market share and successful license applications.
For more information on the current Compliance & AML jobs market and the latest salary bands, please download our Salary Survey below.