The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of five thousand Euro (€5,000) on the Credit Institution.

Business Activity: Credit Institution in terms of the Banking Act (Chapter 371 of the Laws of Malta).

BREACHES

The Bank failed to adhere to its obligations in terms of Paragraph 8 of Banking Rule 07/2014 to submit the Auditors’ Management Letter within the regulatory deadline.

REGULATORY ACTION

On 22 June 2021, the Malta Financial Services Authority decided to impose an administrative penalty of five thousand Euro (€5,000) on the Credit Institution.

The Malta Financial Services Authority has taken this decision in terms of the powers granted to it under Article 35A(1) of the Banking Act.

PUBLICATION

This notice is being published as part of the MFSA’s standard enforcement policy and in terms of Article 16(8) of the MFSA Act and Article 35B(1) of the Banking Act.

UPDATE ON 28 JULY 2021

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