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Tag: Calamatta Cuschieri Investment Services

Malta’s FIAU Fails To Take Action Against Calamatta Cuschieri

FIAU Malta Mark Lagarde -
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.

Ferratum Bank Appeals Malta’s FIAU Fine

Compliance Mark Lagarde -
Malta-registered and MFSA-regulated Ferratum Bank was fined by the controversial regulator Financial Intelligence Analysis Unit (FIAU). The bank's parent company Multitude SE has considered the FIAU’s penalty decision following a compliance examination on its subsidiary Ferratum Bank. The examination was carried out on Ferratum Bank between December 2018 and May 2019, resulting in an administrative penalty of €653,637. The fine was issued in August 2022, hence almost more than three years after the visit!

Courts Rule That Malta’s FIAU Hugely Over-Fined Firms and Professionals To Impress FATF!

FATF Ben -
Malta was grey listed by the Financial Action Task Force (FATF) in June 2021. This had been long coming. In a bid to not become grey listed and impress the FATF, Malta’s Financial Intelligence Analysis Unit (FIAU) was over-fining individuals and firms. The FATF did not fall for such games and grey-listed Malta. The FIAU continued issuing very high fines to targeted companies and individuals. Malta has now been removed from the FATF grey list after a year. Some companies and individuals who were hugely fined took legal action against the FIAU.

Malta’s Calamatta Cuschieri Provided Client With €500,000 In Cash According To Court Testimony

FinTelegram Ben -
A shocking court testimony in Malta by Joseph Difesa revealed that Malta-licensed Calamatta Cuschieri (https://cc.com.mt)which operates Calamatta Cuschieri Investment Services Limited was handed €500,000 in cash by his investment advisor. The court case revolves around an alleged fraudster, Ryan Schembri, who after receiving millions from various Maltese investors, fled to Dubai. Years later, he was arrested in Scotland and extradited back to Malta whereby he is facing multiple charges including money laundering.

Maltese Calamatta Cuschieri was found guilty of not following investments rules!

Malta Financial Services Authority Ben -
The Maltese Arbiter for Financial Services ruled that Calamatta Cuschieri Investment Services Ltd (www.cc.com.mt) d/b/a Calamatta Cuschieri is guilty of not meeting the relevant regulatory obligations. The detailed decision describes how an investor lost more than €100,000 through investments, which were suggested to him by Calamatta Cuschieri. The MFSA-regulated company is part of the CC Finance Group PLC and one of the largest financial services firms in Malta and is also the distributor of UBS funds in Malta.

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