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Ferratum Bank Appeals Malta’s FIAU Fine

Compliance Mark Lagarde - September 7, 2022

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!

XNT Wins Courtbattle Against Maltese Regulator FIAU

FIAU Malta Ben - July 26, 2022

Malta’s MFSA-regulated investment firm XNT Ltd, part of the Exante Group, has won the first hurdle in its court battle against Malta’s FIAU. After years of the inaction of flagrant abuse in well-renowned cases, the FIAU dished out fines to small firms and continued with its action against top firms. Following media pressure, the FIAU opted to fine some larger firms such as XNT. It has so far failed to publicly take action against the likes of Calamatta Cuschieri despite shocking court revelations.

Notorious Maltese XNT Fined With €244k For Failed Anti-Money-Laundering Procedures!

FIAU Malta tamir - June 15, 2022

XNT LTD (previously known as Exante Ltd) is a Maltese investment firm regulated by the Malta Financial Services Authority (MFSA). On 13 June 2022, the FIAU announced that it had fined XNT Ltd €244,679 over a series of anti-money laundering shortcomings. The Maltese regulator said the company did not fulfill its anti-money laundering obligations by not assessing and appropriately obtaining information on the purpose and intended nature of their clients' business relations.

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

Court Cases Ben - May 23, 2022

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.

Russian-Maltese Exante still operating in Malta and Cyprus despite Russia’s blacklisting

CySEC Ben - March 3, 2022

Exante Group is a Maltese-Russian investment venture with XNT LTD (previously known as Exante Ltd), an investment firm regulated by the Malta Financial Services Authority (MFSA), and EXT Ltd, an investment firm regulated by CySEC. Exante has a long story of investigations by authorities in the U.S. In 2021, the Russian Central Bank blacklisted Exante and its CySEC-regulated entity. An investigation by The Shift found that the Exante companies are still operating. It is still listed as a member firm of the Malta Stock Exchange (MSE).

Malta’s Compliance Issue – Ivan Grixti and the broker scam One Two Trade!

FIAU Malta Ben - December 7, 2021

Ivan Grixti is a former Malta Labour Party MEP candidate and a lecturer at the Department of Accountancy at the University of Malta. He served as director of the binary options scam operator Up & Down Marketing Limited d/b/a One Two Trade (www.onetwotrade.com). Various reports show that the company scammed hundreds of victims, millions of euros. The company is registered in Malta. Its registered address shows an empty office at 2, Geraldu Farrugia Street, Zebbug, Malta.

Regulatory Monitor – Malta’s XNT hit by resignations of its directors!

FIAU Malta Ben - November 25, 2021

XNT LTD (previously known as Exante Ltd) is an investment firm incorporated in Malta and regulated by the Malta Financial Services Authority (MFSA). Three directors resigned during the past months, namely Joseph Zammit Tabona, Michael Bianchi, and Lawrence Zammit. The present directors are Alexey Kirienko and Anatoly Knyazev; they have links with former Maltese Prime Minister Joseph Muscat, allegedly the most corrupt politician in 2019.

Greylisted Malta and its disgraced regulators!

FIU Malta Ben - July 12, 2021

The Financial Intelligence Analysis Unit (FIAU) of Malta is being highly criticized for paying Maltese online portals and newspapers for positive reportage in its regard. This is very telling and indeed shocking for a European country. Only last month, Malta has been placed on the grey list by the Financial Action Task Force (FATF), which makes the European tax haven much less attractive. Who wants to be a tax resident or owner of a company in a grey-listed jurisdiction? And then there's the strange approach of the Maltese regulators.

Tag: XNT