On 26 February 2025, the Malta Financial Services Authority (“Authority” and/or “MFSA”) decided to cancel the financial institution licence of MTACC Ltd (‘‘MTACC’’and/or “Institution”) and direct the Competent Person to file a court winding up application at the Maltese Law Courts.

Address:

MTACC Ltd
39, Centre Point
Triq Francis Zammit
St Julians
Malta

Business Activity: Financial Institution authorised under the Financial Institutions Act.

BREACHES

The MFSA determined that the Institution continued to act in breach of:

1. Article 5 (1) (b) and (c) of the Financial Institutions Act due to its weak governance arrangements;
2. Article 10 B (1) of the Financial Institutions Act on the lack of safeguarding of its clients’ funds;
3. Article 16 (1)(b) of the MFSA Act due to the lack of cooperation with the Authority;

REGULATORY ACTION

By virtue of the powers given to the MFSA under Article 6(1) (d) of the Financial Institutions Act, on 26 February 2025 the Authority decided to cancel the financial institution licence of MTACC and direct the Competent Person in terms of Article 7B of the Financial Institutions Act, to file a court winding up application at the Maltese Law Courts. After being informed by the Competent Person that the Institution was unable to cover its dues. In this regard, the Competent Person informed the Authority that this was communicated to the relevant clients. The Competent Person can be contacted on: [email protected] and/or 25640020.

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.