FIAU Malta | FinTelegram News

Category: FIAU Malta

May 15, 2023

Malta’s FIAU Paying Selected Media Houses To Promote Itself.

It is no surprise that Malta’s Financial Intelligence Analysis Unit (FIAU) uses taxpayers’ monies to promote itself and its officials. Without issuing any call for tenders, the top brass at FIAU selected friendly media houses to publish stories they deemed necessary. Such articles include tarnishing the reputation of companies and officials who FIAU fined. Maltese courts declared that such fines were illegal and contrary to the Constitution of Malta.

April 17, 2023

Malta’s FIAU And The Pilatus Bank Scandal

There is no stop to the scandals in which Malta’s FIAU is embroiled. Pilatus Bank was a Malta-based bank with a license issued by the Malta Financial Services Authority (MFSA) when Edward Scicluna was the Minister of Finance. Today, Scicluna is the Central Bank Governor of Malta. In September 2016, the Malta FIAU inspection highlighted several shortcomings in the bank’s operations. But the FIAU issued a clean bill of health.

FIAU Malta

March 31, 2023

Maltese FIAU In Troubles: The Regulator’s Approach Violated The Constitution!

In a remarkable judgment, the Maltese Constitutional Court yesterday declared the Financial Intelligence Analysis Unit’s (FIAU) compliance process that leads to the imposition of administrative fines to be null and without effect. The court ruled that the current laws and regulations governing the FIAU’s processes breach the right to a fair hearing as protected by the Constitution of Malta, The Shift News reports. A €400.000 fine was annulled by the court.

March 21, 2023

A Maltese Casino Fined A Pittance For Facilitating A Drug Dealer And A Tax Evader!

Casino Malta Limited failed to report suspected activities by an alleged drug trafficker and another player linked to bribery and tax evasion. Malta’s FIAU announced it had fined Casino Malta, run by Eden Leisure Gaming, €233,000 for serious and systemic failures in its measures to prevent financial crime. The directors of the casino are Ian De Cesare, Kevin De Cesare, and Corey David Plummer. Allegedly, Malta’s Prime Minister Robert Abela was legal counsel to the Eden Leisure Group.

FIAU Malta

March 13, 2023

Malta’s FIAU Officials On The Brink Of Losing Their Power!

Until August 2022, Malta was greylisted by the FATF for being a money-laundering hub. The greylisting was undoubtedly the result of failures of the country's Financial Intelligence Analysis Unit (FIAU). Nevertheless, its officials enjoy almost unlimited powers without transparency. They meet behind closed doors to decide on punishments. While enjoying such powers, they do not declare their conflicts of interest. A litany of companies has sued the FIAU.

January 2, 2023

MFSA-Regulated Triton Capital Markets Fined For Money Laundering Issues!

Malta-based Triton Capital Markets Limited (previously FXDD Malta Limited) was fined after irregularities were found during an onsite compliance review in 2019. The Financial Intelligence Analysis Unit (FIAU) has been fined nearly €227,000 over non-observance of anti-money laundering rules. The FIAU said that the company failed to take appropriate steps to assess the risks of money laundering and terrorism financing arising from its operations and to adequately document such assessments.

December 18, 2022

Judgment day is fast approaching for Malta’s FIAU!

Malta’s Financial Intelligence Analysis Unit (FIAU) has been sued by more than a dozen companies and professionals. The authority is accused of having breached Malta’s Constitution and the European Convention for Human Rights, given that it acts as judge, jury, and prosecutor. The same entity that decides whom and when to investigate or not carries out the investigation and then decides on the punishment to be given has been trying to defend itself at Malta’s courts.

December 6, 2022

Malta’s Pussycat Regulator FIAU Issues Token Fine Against HSBC Bank Malta

“Being very strong with the weak and very weak with the strong” was the criticism launched towards Malta’s FIAU by various professionals, international media, and institutions. After firing hefty fines against small operators, including advocates and notary public, the FIAU, headed by Kenneth Farrugia and Alfred Zammit, recently came up with a token fine against HSBC Bank Malta. The fine considered a joke by international media is just €83,000. FIAU has earned the reputation as a "Pussycat Regulator."

October 31, 2022

Regulatory Issue: Malta’s Lombard Bank Sues FIAU Over Unconstitutional Fine!

Maltese financial institutions, including Lombard Bank, are challenging the legality of administrative fines dished out by the Financial Intelligence Analysis Unit (FIAU) in court. Claiming that its rights were breached in the FIAU’s applications of sanctions against it, Lombard Bank initiated legal proceedings in Malta’s Constitutional court. FIAU fined the bank when Malta faced the possibility of being grey-listed by Moneyval and the Financial Action Task Force (FATF).

October 10, 2022

Malta’s FIAU Suffers Major Setback At Maltese Courts!

Malta was grey listed by the Financial Action Task Force (FATF). Soon after, the Financial Intelligence Analysis Unit (FIAU) started dishing out fines to have the country removed from the greylisting jurisdictions. In doing so, it was highly criticized for being weak and too strong with the weak. Most of the FIAUs did appeal the inflated fines. Moreover, some companies and professionals did sue the FIAU on constitutional grounds.

October 6, 2022

Maltese FIAU Executive Rudolf Muscat Quietly Sells His Business!

Malta’s FIAU employee Rudolf Muscat has been in the financial services industry for two decades. He worked at several Maltese-based firms and is now enjoying a tax-funded job at the Financial Intelligence Analysis Unit (FIAU). His previous jobs were at RTFX and TMS Brokers Europe. Both firms surrendered their Malta licenses and closed their Malta operations. While working for Malta’s FIAU, Rudolf Muscat had a side business. He registered and operated a firm named Tradertik Limited.

FIAU Malta

October 5, 2022

Malta’s FIAU Fails To Take Action Against Calamatta Cuschieri

It is now several months since shocking court testimony in Malta revealed that Calamatta Cuschieri Investments Services Limited serviced convicted criminals and dealt in huge amounts of cash with the same. In June 2022, Joseph Difesa admitted in court that he withdrew €500,000 in hard cash from Calamatta Cuschieri. No denial was issued by the Maltese license holder, who boasts of being the largest investment broker on the island.

How U.S. Law Enforcement Infiltrated The International Crypto Scene!

In an unprecedented move, the FBI infiltrated the crypto world with its own token, NexFundAI, to crack down on market manipulation. This case marks a significant shift in crypto enforcement, signaling that law enforcement is evolving its tactics to keep pace with the complexities of the digital asset space. As more fraudsters are exposed, the crackdown on wash trades and pump-and-dump schemes is just beginning.

Breaking: German Co-Founder of Crypto Fraud Scheme USI Tech On The Run!

USI Tech was one of the first MLM schemes to use cryptocurrencies to defraud its investors. FinTelegram has issued several warnings aginst the scheme. Horst Jicha has now gone fugitive, leaving behind a trail of defrauded investors and evading justice in the $150 million USI Tech fraud case. With Jicha on the run, the case serves as a chilling reminder of the risks in the volatile crypto world.

Binance Chief Financial Crime Compliance Officer Denied Bail in Nigerian Case!

Think twice before starting to work for the world's larger crypto exchange. As Binance’s financial crime compliance officer faces money laundering charges in Nigeria, questions mount over the company’s compliance safeguards and the risks involved in its global operations. The denial of bail for Tigran Gambaryan and the ongoing legal battle could have far-reaching implications for the company’s future.

Fintech

Solaris Bleeds Cash and Jobs: Can This High-Risk Fintech Survive, Let Alone IPO?

Solaris, a German fintech and neobank, has a long history of compliance troubles. Moreover, its ongoing financial losses and regulatory woes doubt its long-term profitability, even as it sheds jobs and restructures for survival. A potential IPO, as rumored by the German platform Gründerszene, seems speculative at best in light of its deep-rooted issues with compliance and financial stability.

Breaking: The Binance-Like $3.1 Billion Money Laundering Settlement of TD Bank!

TD Bank, one of North America's largest financial institutions, has been hit with a historic $3.1 billion settlement over money laundering violations. This case represents one of the most significant AML enforcement actions in U.S. history, both in terms of the financial penalties imposed and the severity of the admitted misconduct. Only Binance, with its $4.1 billion settlement, was even larger.