Four financial institutions face enforcement for breaches
Enforcement action has been brought against four financial institutions by the regulator in August after they were found in breach of regulations.
According to a newsletter issued on Monday, the Malta Financial Services Authority commenced proceedings against four local operators, including fines of €15,000 each on two entities and loss of licence for the other two.
Grand Harbour Ltd had breached three articles of the act, while ARQ Fiduciaries Ltd failed to submit the declaration of beneficial ownership for trusts which generated tax consequences.
AYN Limited had its licence withdrawn due to a failure to adhere to pre-licensing conditions set by the authority.
Corporate & Commercial FX Services Limited, also had its licence removed after the MFSA found it had failed its ongoing conditional requirement to have at least two individuals direct its Malta business operations.
The company also failed to ensure and maintain an internal governance and risk landscape, the MFSA said.