Malta

The MFSA found Mr Garipoglu can no longer be considered fit and proper to hold approved positions. It directed him to divest his qualifying shareholdings in Trive within six months and not to accept any position requiring MFSA approval for 10 years. The decision may be appealed to the Financial Services Tribunal.

The MFSA imposed directives, effective 1 September 2026, stopping new client onboarding, requiring board sign-off of client-money transactions and the transfer of client monies to qualifying counterparties. A further directive of 24 September 2026 stopped all incoming and outgoing transactions on client accounts, and a competent person was appointed on 7 October 2026. The notice cites deficiencies in safeguarding client assets and reconciliation.

The FIAU concluded a settlement of EUR 61,607, a 35% reduction from an original administrative penalty of EUR 94,780. The breaches, found in a 2022 compliance examination, concerned customer risk assessment, customer profiling, transaction monitoring and timely PEP screening.

The FIAU settled at EUR 97,622, 40% below an original penalty of EUR 162,704, for failing to submit CBAR data every seven days for over 15 months from mid-2024. The reduction reflected 15% for admitting the breaches and 25% for remediation before FIAU intervention. The notice is dated 4 September 2026.

The FIAU settled at EUR 160,099, 40% below an original penalty of EUR 266,833, and issued a Follow-Up Directive. Breaches from a 2023 examination concerned customer risk assessment, customer profiling and transaction monitoring. The notice is dated 2 September 2026.

The MFSA agreed on 28 July 2026 (notice of 29 July 2026) to settle with the provider, which paid an administrative penalty of EUR 1,170 for filing the annual fund return, representation sheet and auditor's report for the period ended 30 June 2022 after the deadline. The notice carries the same reference (2026-29) as a separate EUR 5,040 penalty notice of 14 July 2026.

The MFSA cancelled the licence of the scheme and its sub-fund after finding ten breaches, including no compliance officer or MLRO, late reports and financial statements, and insufficient financial and management resources. It directed a winding-up application within one month. The decision was published on 22 July 2026 and was not appealed.

The FIAU imposed a combined penalty of EUR 80,907 for failing to carry out a proper customer risk assessment across virtually its entire customer base and for late PEP screening. The licence had been cancelled by the MGA in 2025. The penalty was not final and could be appealed to the Court of Appeal (Inferior Jurisdiction). The notice is dated 16 July 2026.

The MFSA decided on 10 July 2026 (published 14 July 2026) to fine the manager EUR 4,400 for not submitting a notified AIF's annual report with audited financial statements, annual fund return, auditor's report and representation sheet for the year ended 31 December 2023 by the deadline.

The MFSA decided on 10 July 2026 (published 14 July 2026) to fine the manager EUR 4,400 for not submitting a notified AIF's audited financial statements, annual fund return, representation sheet and auditor's report for the year ended 31 December 2022 by the deadline.

The MFSA decided on 10 July 2026 (published 14 July 2026) to fine the manager EUR 5,040 for not submitting a notified AIF's audited financial statements, annual fund return, auditor's report and representation sheet for the year ended 30 April 2024 by the deadline.

The MFSA fined the company service provider EUR 2,400 in a notice dated 2 July 2026 for not submitting its annual compliance return for the financial year 2022 by the deadline. The provider appealed to the Financial Services Tribunal.

The MFSA found Mr Arnò can no longer be deemed fit and proper to hold approved positions. It directed him to divest his qualifying shareholding in Em@ney p.l.c. within six months and not to accept any position requiring MFSA approval for 10 years. The notice was published on 29 July 2026 and was appealed to the Financial Services Tribunal.

Following a full-scope compliance examination in 2022, the FIAU found breaches in business and customer risk assessment, customer due diligence including ownership and control, purpose and nature of the relationship, ongoing and transaction monitoring, and record keeping. No penalty was imposed; the FIAU issued a Remediation Directive and warned that failure to comply could lead to an administrative penalty.

The MFSA decided on 10 June 2026 (published 15 June 2026) to fine the company service provider EUR 4,800 for not submitting its annual compliance returns for the financial years 2022 and 2023 by the deadline. The provider appealed to the Financial Services Tribunal.

The MFSA decided on 8 June 2026 (published 10 June 2026) to fine the manager EUR 4,200 for not submitting a notified AIF's audited financial statements, annual fund return, auditor's report and representation sheet for the year ended 31 December 2022 by the deadline.

After an off-site compliance examination in July 2022 the FIAU found gaps in customer and business risk assessments, source of funds and wealth information, expected transaction profiles and trust documentation. No penalty was imposed; it issued a Remediation Directive and noted a penalty could be considered if the directive is not met. The notice is dated 8 May 2026 and the measure was imposed on 7 May 2026.

The MFSA decided on 6 May 2026 (published 18 May 2026) to fine the manager EUR 192,000 for four breaches: not informing the MFSA promptly of material information, not cooperating openly with it, not calculating and reporting the correct net asset value of a fund, and filing a fund's annual report late. The company has appealed to the Financial Services Tribunal.

The FIAU imposed an administrative penalty of EUR 225,730 after a targeted review begun in 2025, finding breaches of customer risk assessment, customer due diligence and transaction-monitoring duties in business conducted through independently run betting shops in another EU jurisdiction. It added a periodic penalty payment of EUR 2,000 a day until the threshold-tracking failure is remedied and a Follow-Up Directive. The company has appealed to the Court of Appeal (Inferior Jurisdiction), so the penalty is not final; the notice is dated 16 April 2026.

The FIAU imposed a EUR 69,000 penalty for repeatedly failing, from April to September 2025, to submit CBAR reports every seven days after a new core banking system went live. The notice, dated 6 March 2026, says the penalty was not final and could be appealed.

The FIAU penalised an individual auditor and accountant, who was also the firm's MLRO, EUR 13,792 under Reg. 21(1) PMLFTR for inadequate ongoing and transaction monitoring and for not filing a suspicious transaction report on one fund client. The notice names no individual and lists an MLRO knowledge deficiency without a separate penalty. The penalty was not final.

The MFSA decided on 17 December 2025 (published 8 January 2026) to fine the fund EUR 5,050 for not submitting its management letter, audited financial statements, annual fund return, representation sheet and auditor's report on the annual fund return for the year ended 31 December 2021 by the deadline.

The MFSA decided on 5 November 2025 (published 11 November 2025) to cancel the scheme's collective investment licence, citing missing compliance and money laundering reporting officers, late or missing annual filings, no independent director, and inadequate controls and resources. It also directed the scheme to remove references to MFSA-authorised activities from its objects clause. The cancellation can be appealed to the Financial Services Tribunal and takes effect only once any appeal fails or is dropped.

The MFSA decided on 5 November 2025 (published 3 December 2025) to fine the listed issuer EUR 30,600 for failings in drawing up and updating its insider list, not notifying insiders of their inclusion and duties, and failings in its list of persons discharging managerial responsibilities and their closely associated persons. The decision may be appealed to the Financial Services Tribunal.

The MFSA decided on 28 October 2025 (published 30 October 2025) to fine the trustee EUR 4,800 for not filing its annual beneficial-owner declaration for calendar year 2022 by 31 January 2023. The decision can be appealed to the Financial Services Tribunal.