The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of thirty-two thousand Euro (€32,000) on the Company.

Address:

Capricorn Trustees Ltd.
Level -1, Orange Point,
Dun Karm Street, Birkirkara By-Pass
Birkirkara BKR 9037
Malta

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

BREACHES

The MFSA determined that the Company failed to adhere to its obligations in terms of Regulation 3(1) of the Trust and Trustees Act (Register of Beneficial Owners) Regulations for failure to submit adequate, accurate and up to date information on the declaration of beneficial ownership for trusts for which the Company acted as trustee.

REGULATORY ACTION

On 6 July 2021, the Malta Financial Services Authority decided to impose an administrative penalty of thirty-two thousand Euro (€32,000) on Capricorn Trustees Ltd.

PUBLICATION

This notice is being published as part of the Authority’s standard enforcement policy and in terms of Article 48 of the Trust and Trustees Act and Article 16(8) of the Malta Financial Services Authority Act.

UPDATE ON 07 AUGUST 2021

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