Tag: CCFX

Regulatory Issues! Malta’s FIAU sued by N Trust Limited!

Court Cases Ben -
A wave of court cases has been filed in Malta’s courts against the FIAU, headed by Kenneth Farrugia. The regulator is under harsh criticism for acting late or not acting at all against the big fish while being too strong with the weak. The FIAU dished out a €94,868 fine against N Trust Limited earlier this year. N Trust Limited has appealed the fine and sued the FIAU for allegedly acting as judge, jury, and prosecutor, which would violate constitutional and human rights.

Malta’s FIAU over-fined a company five times more than the law permitted!

FIU Malta tamir -
On the last day of 2019, FIAU fined the then MFSA-regulated Maltese financial institution Corporate & Commercial FX Services Ltd (CCFX), some €156,202. The company immediately appealed this fine. The Malta Court of Appeal (Civil Inferior), after more than two years, delivered its judgment. According to Judge Lawrence Mintoff, the fine should have been €31,240. However, the criticized Maltese FIAU fined the company five times more than what the law permitted.