Organisation

In keeping with the institutional role defined by articles of association, the organisational structure of the Central Bank is based on a three-level hierarchical model: Department, Service and Office.

The Departments are the main operating units responsable for tasks defined by articles of association (Supervision, Treasury, Overdue Tax Collection and Payments System) or  for relevant tasks (Finance).

 Some Services (International Relations and Trust Register) are not aggregated into Departments.

The organizational chart provides a representation of the current organizational structure.

Human Resources

The human resources currently employed in Central Bank amount to 83, of which 3 are fixed-term.

Additionally, there are 17 resources, including 1 hired on a fixed-term basis, formally employed in CBSM but assigned to the Financial Intelligence Agency (FIA). In fact, the Delegated Decree No. 146 of November 28, 2008, requires that the staff of the FIA is hired according to the applicable procedures of the contracts in force at the Central Bank.

Although the State is the majority shareholder of the Central Bank, tthe employment relationship of its staff is not considered as public sector employment. The staff is divided into five categories (assistants, employees, middle managers, officers, senior officers), and the employment relationship is governed by specific private sector contracts.

On April 18, 2019, a corporate agreement was signed for the three-year period 2019 - 2021 in order to put in place a series of measures to contain the overall costs of the structure, including employees costs.

Auditing System

The internal auditing system is structured on three levels (line auditing, second level auditing and third level auditing).

Second level auditing (Risk Management and Compliance) are entrusted to two separate Services that report to the Management whereas the Internal Audit Service, responsible for third level auditing, due to the type of role performed and principles of independence it must comply with, is not included under the ordinary hierarchical lines and reports directly to the Governing Council.

Within the scope of the second level audit functions the organizational structure include the AML-CFT Officer with his staff.