The Malta Bankers' Association arranged a seminar under the topic 'Blockchain, Innovative Technologies and Regulation', purposing the nudiustertian enacted legislation. The seminar took place at Le Meridien St Julian's Hotel and Spa.
The event was highly attended by NY financial services professionals and senior bankers such as James Farrugia and Dr. Leonard Bonello, Partners at GANADO Advocates, who gave a wonderful presentation on the new laws and forthput regulations involved at each stage of their growth and development.
A powerful panel debate followed, with the active involvement of J P Fabri, Lead Director on Blockchain and Crypto in ARQ Group, and Patrick Young, Board member at Blockchain Malta Association. Of concrete interest was the period which offered partakers a brief summary of the several kinds of service providers, their business types, and the categories of risks associated with every kind. The 5th Anti-Money Laundering Directive and where it is more applicable to the service providers.
Marcel Caesar, MBA Chairman told how central and other banks in the world are taking Blockchain technology and its variety of uses that can lead to sophisticated, more efficient, secure and cost-effective processes. He also highlighted on combined efforts existing between banks with fintechs, banking associations and educational institutions in this concern.
Chairman Marcel further emphasised the prominence that all banks consider an active interest in developments that will inexorably affect their industry plus business models:
"Blockchain is not a destructive force that will make banks redundant but an opportunity for them to transform and become more efficient. Our experience in compliance and risk management standards can add safety, security and integrity to the process. There is no room for complacency; there may not be a second chance."