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Members-only credit card company with former Labour minister Chris Cardona on payroll is fined and ordered to stop processing payments and prefunding of cards
Luxury cards firm accuses MFSA of ‘putting spokes in wheel’ with new inspection Ultra-wealthy credit card firm recently fined €373,000 by the FIAU is now facing a renewed inspection by the MFSA 29 December 2020, 1:42pm by Matthew Vella The luxury credit card company fined €373,000 by the Financial Intelligence Analysis Unit, is holding the Maltese financial regulator MFSA responsible for any damages incurred in business losses due to renewed inspections. After accusing the FIAU of carrying out a witch-hunt over an impending Moneyval assessment that is haunting Malta’s financial sys...
A Malta-based company which was fined more than €350,000 for anti-money laundering breaches has accused the FIAU of being on a “witch hunt” and accused it of being “unprofessional” and “unsophisticated”. Insignia, which offers membership-only services to the ultra-rich, said it would be hiring the European Bank Authority Appeal Board to conduct a full review of its activities following the FIAU report and fine, which it said it will be appealing. “Once this report will be issued, we will be making our final decision as to the extent of our retaliation and full response to ...