On 13 September 2024, the Malta Financial Services Authority (“MFSA”) issued a directive to Em@ney PLC (the “Institution”), whereby it was directed, with immediate effect, to:

1. Cease the on-boarding of new clients until such time as the Institution introduces the necessary measures as contained in the business continuity plan which was submitted to the MFSA so as to ensure that the Institution has the proper governance and internal controls in place to operate its payment services licence in accordance with the applicable laws and regulations;
2. Process client transactions in a timely and efficient manner after ensuring that the clients satisfy the applicable laws and regulations. The Institution is to report to the MFSA and the MFSA appointed Inspector, on a weekly basis, on the status of the processing of the client transactions, until such process is completed; and
3. Ensure that the decisions of the Institution are duly and effectively taken by the individuals authorised by the MFSA to act on behalf of the Institution.

The MFSA has taken this decision in terms of the powers granted to it under Article 7B of the Financial Institutions Act and Article 16(2)(b) of the Malta Financial Institutions Act.

This directive may be appealed before the Financial Services Tribunal within thirty (30) days from the date of notification of the directive.

This notice is being published in terms of the powers vested in the MFSA under Article 16(8) of the Malta Financial Services Authority Act and the MFSA’s current Publication Policy.

UPDATE ON 12 DECEMBER 2024

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