The Malta Financial Services Authority (“MFSA”) decided to proceed with imposing an administrative penalty of eight thousand eight hundred Euro (€8,800) on the Trustee.

BREACHES

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

• Regulation 3(1) of the Trusts and Trustees Act (Register of Beneficial Owners) Regulations; and
• Regulation 5(1) of the Trusts and Trustees Act (Register of Beneficial Owners) Regulations.

REGULATORY ACTION

On 20 June 2024, the MFSA decided to impose an administrative penalty of eight thousand eight hundred Euro (€8,800) on the Trustee.

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 in terms of Article 16(8) of the Malta Financial Services Authority Act and the MFSA’s Publication Policy.