The Malta Association of Compliance Officers (MACO) has told professionals working in the sector that they should make sure that a prospective employer has all their affairs in order before accepting to work for them.

“The first true test for a good Compliance Officer (or MLRO or Risk Officer) is to assess the risk profile of a potential employer,” MACO wrote on LinkedIn, adding that, unfortunately, not all licensed entities have good reputations, while others also have dubious shareholders.

Thus, before engaging in employment, the organisation said it is important for compliance professionals to have a good understanding of the identity and nature of their prospective employer, who their business partners are, and where their funds come from.

MACO also warned compliance professionals not to be dazzled by “fancy titles”, high salaries and other perks.

“You are the gatekeeper to your professional career and reputation,” the organisation concluded.

MACO’s advice comes as the demand for compliance professionals rises amid increased pressure on Maltese businesses to do more to prevent money laundering.

Last week, reported that dividends for shareholders of banks could go down because of the cost of increased compliance.


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