The Malta Financial Services Authority (“MFSA” or the “Authority”) has been looking into certain matters related to the Trustee’s failings to adhere to Regulation 5(2) of the Trusts and Trustees Act (Register of Beneficial Owners) Regulations. The Authority has considered the goodwill demonstrated by the Trustee and agreed to settle all pending matters.

Business Activity: Authorised to act as a Trustee or Co-Trustee to provide Fiduciary Services in terms of the Trusts and Trustees Act

FINDINGS

The MFSA’s investigation found failings in respect of the Trustee’s failure to adhere to its obligations in terms of Regulation 5(2) of the Trusts and Trustees Act (Register of Beneficial Owners) Regulations to submit the Annual Declaration by not later than 31 January 2022.

MEASURES

On 17 April 2024, the MFSA agreed to settle pending matters with the Trustee after demonstration of goodwill by the Trustee. By means of a settlement agreement entered into between the Trustee and the MFSA, the latter imposed an administrative penalty of six thousand Euro (€6,000).

PUBLICATION

This notice is being published in terms of the Authority’s Settlement Policy.