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

Maltese FIAU under fire
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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.

The company was also found to have missing customer risk assessments, with the FIAU saying the approach adopted was not rigorous and comprehensive enough to enable it to understand the risks posed by customers and to effectively apply the risk-based approach.

The Times of Malta reported that Triton Capital Markets said the FIAU‘s final decision was based on a compliance review conducted in March of 2019, imposing a fine on the company for “alleged” breaches. TCM advised that all alleged breaches were of an administrative nature and it would challenge the decision “in the strongest manner possible and through all legal channels available.”

CategoriesFIAU Malta

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