Tag: Edward Grech

Paytah sues MFSA for alleged violation of constitutional rightsM
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May 19, 2021

Maltese Compliance Issue – Paytah accuses MFSA of acting in violation of the constitution

The regulated Maltese high-risk payment processor Phoenix Payments Ltd d/b/a Paytah, has sued its regulator, the Malta Financial Services Authority (MFSA). Paytah accuses MFSA of being judge, jury, and executioner. The payment processor took this unprecedented step after the Maltese regulator fined it EUR 32,400 and restricted the company's license. This is not a normal civil court case. Instead, Paytah brought the claim against MFSA at the Constitutional Courts level. This is a first in Malta. Paytah has also sued MFSA for damages.
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MFSA in troublesR
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January 27, 2021

Regulatory Issues – Malta’s Financial Services Authority making the headlines for the wrong reasons

Joseph “Joe” Cuschieri, the former CEO of Malta's Financial Services Authority (MFSA), keeps hitting the headlines, despite his resignation. The chairman of MFSA, John Mamo, has confirmed in Malta’s Parliament that Cuschieri was being paid honoraria reserved for board members attending meetings; on top of his financial package as CEO. Mamo also revealed that Joseph Cuschieri was asked to return these extra payments.
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Phoenix Payments and Paytah wanted for fund recoveryW
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January 21, 2021

Wanted for funds – Maltese payment processor Paytah in legal troubles

Paytah is operated by Phoenix Payments Ltd, a company registered in Malta and regulated by MFSA. As reported by FinTelegram, PayTah has facilitated vast broker scams, including LincolnFX, RoyalsFX, CodexFX between 2019 and 2020. Victims of these scams have provided the European Fund Recovery Initiative (EFRI) with the Power of Attorney to recover their funds. Via its Maltese lawyer EFRI has taken actions to recover the victims' funds from Paytah. Currently, the Maltese connection is chasing after the Paytah people.
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Paytah and Phoenix PaymentsS
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January 12, 2021

Scam-facilitating Maltese payment processor PayTah refused to recognize its legal responsibility

Payment processors must comply with the applicable KYC and AML regulations. Especially when onboarding new merchants and monitoring their transactions. Recently, we reported that the high-risk payment processor Phoenix Payments Ltd d/b/a Paytah (www.paytah.com). Paytah is to be held liable for this but has so far refused to accept its responsibility for intentionally or grossly negligently supporting the scams and refuses to provide any assistance to the victims.
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