On 31 July 2024, the Malta Financial Services Authority (“Authority” and/or “MFSA”) decided to cancel the Institution’s licence in terms of the Financial (“Act”).

Address:

Daily Payment International Limited
115, Old Mill Street,
Valletta
VLT 1515
Malta

Business Activity: Financial Institution

BREACHES

The MFSA determined that the Institution has acted in breach of:

• Article 3(4) of the Act - Failure by the Institution to pay its supervisory fees;
• Article 5(1)(b) and (c) of the Act - Failure by the Institution to appoint an MLRO, CFO, compliance officer and director;
• Article 6(1) (b) of the Act- Failure by the Institution to commence business within twelve months of the licenced being issued;
• Article 7A of the Act- Failure by the Institution to inform the Authority on the change of Address and;
• Article 17B of the Act and Paragraph 35 of the Financial Institutions Rule- Failure by the Institution to submit the Annual Report and Audited Financial Statements for the years ending 31 December 2019, 2020 and 2021.

REGULATORY ACTION

On 31 July 2024 the MFSA decided to cancel the licence of the Institution. It should be noted that the MFSA’s decision may be appealed before the Financial Services Tribunal within the period as prescribed by the applicable law.

PUBLICATION

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

UPDATE ON 28 AUGUSUT 2024

The Authority’s decision was not appealed before the Financial Services Tribunal within the period established by law.