Warnings


In terms of article 4(1)(c) of the Malta Financial Services Authority Act, one of the MFSA’s functions is to keep the general public informed of important developments in the sector that it regulates, and to provide the public with relevant information and guidance. Article 16(8) of the Malta Financial Services Authority Act also provides that:

Any administrative or disciplinary sanction or measure, of whatever type, including reprimands or warnings, imposed or decided by the Authority under any law for whose administration it is responsible, shall be published in such medium and in such manner and for such duration as may be deemed warranted by the circumstances and the nature and seriousness of the breach or wrongdoing. 

The MFSA is obliged to make public all sanctions and penalties it imposes on its licence-holders so that the general public will be better informed. The current MFSA policy on publication is that after a licence-holder is notified of the MFSA’s decision to impose a penalty or administrative sanction, the MFSA shall publish a notice of the sanction on its website and in such other media deemed appropriate in the circumstances. Where and as applicable, the notice published on the website will indicate clearly whether the penalty or sanction is currently being appealed against. Publication on the MFSA website is based on the following criteria:

  1. A notice to the public in respect of a fine not exceeding € 3,000, a warning, a reprimand or other minor infringement shall remain posted on the website for a minimum period of two (2) years.

  2. A notice to the public in respect of a fine exceeding € 3,000 but not exceeding € 25,000, or of more serious infringements shall remain posted on the website for a period of five (5) years.

  3. A notice to the public in respect of serious infringements, including suspension or restriction of a licence for regulatory purposes (not a voluntary request for suspension or restriction) and fines exceeding € 25,000 shall remain posted on the website for a period of ten (10) years.

  4. A notice to the public in respect of a cancellation of a licence for regulatory purposes (not a voluntary surrender) shall not be removed from the web-site.

  5. A warning of a general nature shall be removed from the web-site only when it is established that there is no further threat to the public. The removal of such warnings is not tied to a pre-determined number of years.   The MFSA seeks to ensure high standards of conduct and management throughout the financial system.

The MFSA believes that the naming of persons, including licence-holders that have been sanctioned for breaching provisions of law, will lead to a greater awareness of the standards which should guide the activities and the conduct of operators in the financial services industry.

These notices are intended as a summary of the Authority’s decisions and, accordingly, are not the actual decisions themselves.

DATEREFERENCESUBJECTFILES
18-02-201904-2019MFSA Warning - BlackStreamMarkets - https://blackstreammarkets.com/
18-02-201903-2019MFSA Warning - TERABANQ - https://tera-groupe.com/index.php
25-01-201902-2019MFSA WARNING - Bitcoin Revolution
17-01-201901-2019MFSA Warning - FXNobels - https://www.fxnobels.io/
01-11-201807-2018MFSA Warning - Maltese Scudo - https://maltesescudo.com/
25-10-201806-2018MFSA Warning - PRIMETRADINGBOT - https://www.primetradingbot.com/
26-07-201805-2018MFSA Warning - Marantino Capital Ltd - OnlyTrades – http://www.onlytrades.com/
23-07-201804-2018MFSA Warning - “FXenergy” - https://www.fxenergytrade.com/#/
05-04-201803-2018MFSA Warning - Stocksbtc - https://stocksbtc.com/
12-03-201802-2018MFSA Warning - SHTERN GROUP - https://www.shterngroup.com/
27-02-201801-2018MFSA Warning - VSB Malta - https://www.vsbmalta.com/secure/
15-12-201705-2017MFSA Warning - Falcon Financial Management – http://www.falconfinancialmanagement.com/
31-07-201704-2017MFSA Warning - Warning addressed to the general public regarding virtual currencies
18-04-201703-2017MFSA Warning - OneCoin - https://www.onecoin.eu/en/ - OneCoin Malta
02-03-201702-2017Notice addressed to the general public, namely to retail investors, regarding the sale of speculative products [Contracts for Difference; Binary Options; Forex and other speculative products] and their associated risks
24-01-201701-2017MFSA Warning - http://www.fxddtrade.com/
20-12-201613-2016MFSA Warning - Coinspace Ltd - http://www.coinspace.eu/
16-11-201612-2016MFSA Warning - Gemini2 - http://www.gemini2.co/
10-11-201611-2016MFSA Warning - My Advertising Pays - http://www.myadvertisingpays.com/
28-10-201609-2016MFSA Warning - MXTrade - Grizzly Limited – https://www.mxtrade.com/
28-10-201610-2016MFSA Warning - TradingBanks - Grizzly Limited - https://www.tradingbanks.com/
25-10-201608-2016MFSA Warning - Provident Capital Management - http://www.provident-trading.com/
26-09-201607-2016MFSA Warning - EMEXPAY - http://www.emexpay.com/
29-07-201606-2016MFSA Warning addressed to the general public, namely to retail investors regarding the sale of speculative products [Contracts for Difference; Binary options; and other speculative products] and the associated risks
10-06-201605-2016MFSA Warning - www.kbceuro.com
16-05-201604-2016MFSA Warning - http://alphacmarkets.com/
28-04-201603-2016MFSA Warning - Global InterGold - https://www.globalintergold.com/gold/home.php
08-04-201602-2016MFSA Warning - http://www.stock-binary.com
21-03-201601-2016St. Publius Corporate Services Limited
23-06-201504-2015Wire Prepay - http://www.wireprepay.com
07-05-201502-2015Bank Invest Capital Ltd
07-05-201503-2015GFS Securities Ltd
16-02-201501-2015Zenith Funds Ltd - http://www.zenithfunds.com/
06-10-201411-2014FOREX MMCIS Group
05-09-201410-2014Facebook Posts offering loans to the public posted by users under the names ‘Marina Zidane’ and ‘Exaucer Doremos’
18-08-201409-2014Finexten Transition – Finexten SICAV P.L.C.
20-06-201408-2014Warning against Forex Broker Inc. or Noble Services, Velarda Forex, Velarda Markets or Velarda and NDD Broker
13-06-201407-2014WM Bormla, WM Bormla Limited, WM Bormla Bank Limited and WM Bormla PLC - http://www.wmbormla.eu/secure/
08-04-201406-2014FXDealer, FX Dealer, FX Direct Dealer or Fxdealer.us - http://www.fxdealer.us/ and Sky Forex or Sky Forex Europe – http://www.skyforex.org.uk/
03-04-201805-2014Notice to the General Public - Online foreign exchange brokers
17-03-201404-2014Frontiers Group Global Investment or Frontiers Group Investment Ltd – http://frontierforex.com/
07-03-201403-2014FxGcmi, Global Capital Markets FX LLC or Global Capital Markets FX Ltd – http://www.fxgcmi.com/
21-02-201402-2014Merex Markets – http://www.merexmarkets.com/merex/
19-02-201401-2014ABFX Ltd or ABFX Inc. – http://www.alphabetafx.com/
05-12-201314-2013Forex Worldwide Ltd and ToroPROfit
20-11-201313-2013Scam emails targeting Maltese consumers
25-10-201312-2013St. Publius Corporate Services Limited - http://www.stpublius.com/ & Updates 13.01.2014, 21.07.2014
14-10-201311-2013Redevelopment Corporation International Ltd (operating under trade name “FOREXPERTI” - https://www.forexperti.com/)
01-10-201307-2013Accedium Limited - http://www.accedium.com/ (Warning removed)
10-09-201309-2013AGB Malta plc - http://agbmalta.com
10-09-201310-2013Multi Risk Benefits Limited - http://mrbltd.com/
22-08-201308-2013SGT Malta - http://sgtmalta.net/eb/
26-06-201306-2013Ashoka Financial Services
24-05-201305-2013http://sb.saadgroupmt.net/
20-05-201304-2013http://www.mfsaregulation.com
26-03-201303-2013“The Bank.co” and related websites
27-02-201302-2013SeaMed Finance Savings and Investments
23-01-201301-2013CIB Malta - http://www.cib-malta.eu/secured/index.html
28-12-201207-2012Guardian Securities Limited
27-12-201206-2012TradeFast / TradeFast Inc. / TradeFast Holdings Inc.
09-11-201205-2012Malta Payday Loan
24-09-201204-2012BROWN-MLT Finance Group
04-09-201203-2012OCB Malta - www.ocbmalta.eu
17-05-201202-2012Larsson Group - www.larssongroup.com
22-02-201201-2012CIB Malta PLC- http://cibmalta.eu
11-11-201110-2011An unknown company using www.guardian-sec.com to clone the name of Guardian Securities Ltd, a Category 1A Licence Holder
25-10-201109-2011Guardian Securities
10-10-201108-2011United Europe Business Group (UEBG)
06-10-201106-2011Yellowdale
06-10-201107-2011Apps Finance, Malta Group
10-06-201105-2011ABL International Ltd / ABL Assicurazioni International Ltd
31-05-201104-2011GBS Bank Malta Limited - http://gbsmtplc.com
17-05-201103-2011GBS Bank Malta Limited - http://www.gbsmt.eu
10-05-201102-2011Green Plants Investment Management Ltd.
11-03-201101-2011Internet website http://www.firstinvestbank.com
30-10-2009MFSA WarningSay “cheese” – you’ve been scammed!
19-09-2008MFSA WarningSCAMS – Bogus Investment Opportunities and inexistent Prize/Lottery Winnings
17-11-2007MFSA WarningMFSA warns consumers against “special offers” and “free gifts”
01-02-2007MFSA WarningDodgy domains
21-07-2006MFSA WarningCheque Overpayment Scams
27-06-2006MFSA WarningMFSA issues warning on The Malta International Art Fund Ltd
25-01-2006MFSA WarningScam - Notification of prize and lottery winnings
17-06-2005MFSA WarningPrime Forestry Switzerland AG - Prime Forestry Group
31-05-2005MFSA WarningLicensed persons/institutions can provide financial services
12-10-2004MFSA WarningPhishing - New type of internet scam
30-07-2004MFSA WarningLicensed persons/institutions can provide financial services
30-07-2004MFSA WarningForged gaurantee issued by Austrian bank
11-02-2004MFSA WarningArgo Trust Limited
22-10-2003MFSA WarningAdverts for Financial Products & Services
30-06-2003MFSA WarningDrexel Asset Management
13-06-2003MFSA WarningGraves, Stanley & Peabody Ltd
21-05-2003MFSA WarningWillmont Partners S.L. and Ainsley Consulting S.L.
22-08-2002MFSA WarningNigerian letter scams