The MFSA has announced that it will be launching a new technological tool for banks’ reporting to the same authority. Malta banks are obliged to report to the Authority prudential and financial information after they have been licenced to act as Banks by the same authority. The MFSA has held a session for all stakeholders on the 7th of May in order to announce this new tool.
“Through the use of this IT tool, the Authority will be able to improve its effectiveness and efficiency in processing data reports received from credit institutions. Data will be automatically processed, validated and subsequently submitted to the European Central Bank in as little as three minutes.”, the authority reported.
The launch of this is expected to happen by June this year and it will assist the Authority to satisfy the requirements under the European regulation commonly known as the Implementing Technical Standard (ITS) on Supervisory Reporting coming out of the Capital Requirements Regulation. This reporting tool will also help Malta bank licence holders. It assists licence holders with keeping record of their own data submissions to the Malta Financial Services Authority and the European Central Bank, and communicate directly with the Authority through such an electronic system.
The Authority is currently undergoing a change in terms of the technological tools that it is using and will be using to facilitate its work and the Malta licence holders experience. The Authority has stated that it is aiming to become a “technologically-advanced top tier regulator in Europe”. The authority is expected to invest around 12 million Euro in technological developments in the next three years.
Chetcuti Cauchi welcomes this advancement and looks forward to assist licence holders with the effective use of these new technological tools for reporting.
