Administrative Measures and Penalties


In terms of article 4(1)(c) of the Malta Financial Services Authority Act, one of the MFSA’s functions is to keep the general public informed of important developments in the sector that it regulates, and to provide the public with relevant information and guidance. Article 16(8) of the Malta Financial Services Authority Act also provides that:

Any administrative or disciplinary sanction or measure, of whatever type, including reprimands or warnings, imposed or decided by the Authority under any law for whose administration it is responsible, shall be published in such medium and in such manner and for such duration as may be deemed warranted by the circumstances and the nature and seriousness of the breach or wrongdoing. 

The MFSA is obliged to make public all sanctions and penalties it imposes on its licence-holders so that the general public will be better informed. The current MFSA policy on publication is that after a licence-holder is notified of the MFSA’s decision to impose a penalty or administrative sanction, the MFSA shall publish a notice of the sanction on its website and in such other media deemed appropriate in the circumstances. Where and as applicable, the notice published on the website will indicate clearly whether the penalty or sanction is currently being appealed against. Publication on the MFSA website is based on the following criteria:

  1. A notice to the public in respect of a fine not exceeding € 3,000, a warning, a reprimand or other minor infringement shall remain posted on the website for a minimum period of two (2) years.
  2. A notice to the public in respect of a fine exceeding € 3,000 but not exceeding € 25,000, or of more serious infringements shall remain posted on the website for a period of five (5) years.
  3. A notice to the public in respect of serious infringements, including suspension or restriction of a licence for regulatory purposes (not a voluntary request for suspension or restriction) and fines exceeding € 25,000 shall remain posted on the website for a period of ten (10) years.
  4. A notice to the public in respect of a cancellation of a licence for regulatory purposes (not a voluntary surrender) shall not be removed from the web-site.
  5. A warning of a general nature shall be removed from the web-site only when it is established that there is no further threat to the public. The removal of such warnings is not tied to a pre-determined number of years.   The MFSA seeks to ensure high standards of conduct and management throughout the financial system.

The MFSA believes that the naming of persons, including licence-holders that have been sanctioned for breaching provisions of law, will lead to a greater awareness of the standards which should guide the activities and the conduct of operators in the financial services industry.

Kindly note that these notices are intended as a summary of the Authority’s decisions and, accordingly, are not the actual decisions themselves.

 

  Administrative Measures & Penalties issued prior to 2020

JANUARY 17, 2022
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five hundred Euro (€500) on the Company. Address: SMS Corporate Services Ltd 65, Birkirkara Hill, St Julians STJ 1143 MALTA Business Activity: Provision of company service ...
JANUARY 17, 2022
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of three thousand, seven hundred and fifty Euro (€3,750) on the Company. Address: Family Office Malta Limited Cospicua Boutique Offices, Sqaq Cordina, Cospicua BML 1900 MALTA ...
JANUARY 17, 2022
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of two thousand five hundred Euro (€2,500) on the Company. Address: Contact Advisory Ltd 170, Pater House Psaila Street Birkirkara BKR 9077 MALTA Business Activity: Provision ...
JANUARY 17, 2022
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of two thousand five hundred Euro (€2,500) on the Company. Address: Conlegia Limited Standard House Level 3 Birkirkara Hill St Julians STJ 1149 MALTA Business Activity:  Pr ...
JANUARY 17, 2022
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of three thousand, three hundred and fifty Euro (€3,350) on the Company. Address: Capricorn International Ltd Level -1 Orange Point Dun Karm Street Birkirkara bypass Birkirkara ...
JANUARY 17, 2022
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five hundred Euro (€500) on the Company. Address: Amber Services (Malta) Limited Suite 3, Level 4, Ewropa Business Centre, Triq Dun Karm, Birkirkara, BKR 9035 MALTA Busine ...
JANUARY 17, 2022
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of six thousand, one hundred and fifty Euro (€6,150) on the Company. Address: Acta Fidelia Limited Sterling, Office 1, Floor 1 Enrico Mizzi Street Ta’ Xbiex, XBX 1453. MALTA ...
JANUARY 13, 2022
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five hundred Euro (€500) on the Company. Address: TMF Management and Administrative Services (Malta) Ltd Oyia Business Centre, Floor 3, Suite 301, Cross Roads, Marsa MRS 1547 ...
DECEMBER 24, 2021
The Malta Financial Services Authority (“MFSA” “Authority”) decided to proceed with imposing an administrative penalty of one hundred and forty-two thousand Euro (€142,000) and directed the Institution to: Cease the prefunding of charge cards with immediate effect; Cease the proces ...
DECEMBER 10, 2021
The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of four thousand five hundred Euro (€4,500) on the Company. Address: Triglav Management Ltd 3, Advance Business Centre                                ...