<p>Andrea Enria, chair of the supervisory board at the European Central Bank (ECB), has urged authorities in Malta to strictly monitor banks amid growing cryptocurrency industry in the country.</p> <p>“Non-financial risks like conduct, compliance, reputational and IT risks need to be managed in a more stringent and coherent manner, especially in the light of Malta’s leading role in blockchain and crypto technology,” Enria <a href="https://in.reuters.com/article/malta-banks-ecb/ecbs-enria-urges-malta-to-tighten-checks-on-banks-idINL5N26N1U6">said</a> in an interview with Reuters published Wednesday.</p> <p>Malta is home to many crypto businesses, including the world’s largest crypto exchange Binance. In June, the European Commission also <a href="https://www.theblockcrypto.com/tiny/european-commission-tells-malta-to-enhance-anti-money-laundering-enforcement/">asked</a> Malta to up its anti-money laundering (AML) game to match the growth of financial services in the country. Malta has also faced criticism from the International Monetary Fund (IMF) and recently<a href="https://www.theblockcrypto.com/2019/08/16/crypto-laws-around-europe-are-about-to-tighten-up-heres-what-to-expect-and-why-malta-may-struggle/"> failed</a> an international AML evaluation.</p> <p>Last month, the Malta Financial Services Authority (MFSA), the country’s financial regulator, published a three-year <a href="https://www.theblockcrypto.com/linked/38774/malta-finance-regulator-to-actively-monitor-crypto-firms-to-prevent-money-laundering">strategic plan</a> for 2019-2021, saying that it will “actively monitor” licensed cryptocurrency businesses in the country to prevent money laundering.</p> <p>Enria said in the interview that he is "confident” that the Maltese authorities will manage to deliver the “desired results.”</p>