On 10th December, the Malta Financial Services Authority fined 15 companies a total of €44,575

The Malta Financial Services Authority slapped a total of 15 Malta-based companies €44,575 in fines for failing to submit various regulatory documents within the stipulated deadline, as required by law.

Calamatta Cuschieri Investment Services Limited was fined €2,500 for failing to submit the Audited COREP Return and the Auditors’ Management Letter for the year ended 31st December 2019 within the regulatory deadline.

Curmi and Partners Limited was found in breach of the same offence, as well as the company’s Audited Financial Statements and the Auditors’ Report for the year ended 31st December 2019, leading to an administrative penalty of €5,000.

LL Capital & Partners Limited was found to have the same shortcomings as Curmi and Partners, covering the same timeframe, and was also slapped with a €5,000 administrative penalty.

Neox Capital Limited was also issued with a fine, for failing to submit the Audited Financial Return, the Audited Financial Statements, the Auditors’ Management Letter and the Auditors’ Report for the year ended December 2019 by the deadline. It has been asked to pay the MFSA a €6,000 penalty.

JW Services Limited was slapped with a €2,500 fine after it was flagged for failing to submit its Annual Compliance Return and Auditors’ Management Letter for the year ended 31st December 2019 within the regulatory deadline.

Mazars Consulting Ltd was asked to pay a €2,650 fine, with the MFSA citing the non submission of Audited Financial Statements and the Auditors’ Management Letter for the year ended December 2019 within the deadline.

NewCo Corporate Director 2 Ltd was slapped with a smaller €500 fine, over the non submission of the Auditors’ Management Letter for the year ended 2019 within the deadline. The same can be said for NewCo Corporate Services Ltd and NewCo Corporate Secretary Ltd.

RMB Management Ltd was asked to pay €2,500 for the failure to submit within deadline its Audited Financial Statements and Auditor’s Management Letter.

S&D Yachts Limited received the same administrative penalty for the same offence.

SMM Consultancy Services Ltd found itself with a €5,550 penalty for failure to submit within deadline its Annual Compliance Return, its Audited Financial Statements and Auditor’s Management Letters for the year ended December 2019.

Tradinvest International Limited was fined €2,375 for failure to submit within regulatory deadling its Annual Compliance Return and Auditor’s Management Letter for the year ended December 2019.

Trevor Pace (as a company, not an individual) received a €2,000 administrative penalty for failing to submit its Annual Compliance Return within the regulatory deadline for the year ending December 2019.

Triglav Management Ltd was asked to pay an administrative penalty of €4,500 for similar offences related to its Annual Compliance Return, Audited Financial Statements and Auditors’ Management Letter covering the same year.

All 15 companies are able to appeal the above fines, amounting to a total of €44,575, may appeal the decision before the Financial Services Tribunal.

MFSA issues a €142,000 fine on Christmas Eve

Malta-based payment firm, Insignia Cards Limited, had a less-than-merry Christmas when on 24th December, when the MFSA issued it with a €142,000 fine via a public notice.

The company acts as a payment card provider to the ultra-rich, with added services such as a concierge for those who pay extra.

The regulator flagged several regulatory breaches, and asked the company to cease the pre-funding of charge cards, cease processing payments from two of its sister companies and appoint an independent third-party to “provide guidance”.

The MFSA said the company failed to keep proper and up-to-date records, failed to safeguard client funds and in terms of good governance, several shortcomings were found.

Last year, the same company had been subject to an eye-watering €373,670 euro fine over a number of anti-money-laundering compliance breaches.

Also last year, audit firm PwC resigned as the company’s auditors, together with two board members.