Regulatory Action against Phoenix Payments Limited (“the Institution” “Phoenix”)
MARCH 12, 2021

The Malta Financial Services Authority (“MFSA” “Authority”) has decided to proceed with imposing the below regulatory actions against the Institution:

  • In terms of Subsidiary Legislation 376.02, Fines and Penalties for Offences Regulations under the Financial Institutions Act (“FIA”), the MFSA has imposed an administrative penalty of €32,400 for breaches identified with regards to Article 5 (1)(c), Article 8B (1) and Article 11A of the FIA.
  • In terms of the powers granted to the Authority under Articles 6 (1)(d) and 6 (1)(i) and Article 6 (4) of the FIA, the MFSA has decided to restrict the licence of the Institution and required Phoenix to cease the provision of new services to existing clients.

Address:

Phoenix Payments Limited
No3, Level 01, Vision Exchange Buildings
Territorials Street
Birkirkara BKR 3000
Malta

Business Activity: Financial Institution licensed in terms of the FIA

BREACHES

Phoenix Payments Limited was found to be in breach of the following:

  • Article 5 (1)(c) of the Financial Institutions Act;
  • Article 8B (1) of the Financial Institutions Act; and
  • Article 11A of the Financial Institutions Act.

REGULATORY ACTION

On 11 March 2021, the Malta Financial Services Authority decided to impose an administrative penalty of thirty-two thousand four hundred Euro (€32,400) on the Institution. Furthermore, the MFSA has decided to restrict the licence of the Institution with regards to the ceasing of provision of new services to existing clients in terms of the powers granted to the Authority under the FIA.

Moreover, in view of the breaches identified by the MFSA, the Authority shall be conducting further assessment on the Institution in order to evaluate whether further action is necessary in its regard.

PUBLICATION

This notice is being published as part of the Authority’s standard enforcement policy and in terms of Article 16(8) of the Malta Financial Services Authority Act.