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Banking & FinanceInsurance & ReinsuranceInvestment Services & FundsNews and PublicationsRegulatory Compliance

Regulatory Compliance Quarterly Update | Q4 2022

We are pleased to issue our third edition of the Regulatory Compliance Quarterly Updates. These updates are intended to keep Maltese regulated entities informed of regulatory changes and developments taking place in the local financial services space. In this issue, we focus on the sector specific and cross-sectoral regulatory updates relating to Investment Services and Asset Management; Credit and Financial Institutions; Company Service Providers and Insurance Undertakings and Insurance Intermediaries. Our Regulatory Compliance Quarterly Update can be found here. Our third Regulatory Compliance Quarterly Update can be found hereThe Regulatory Compliance Quarterly Update does not purport to give legal, regulatory,financial…
Mamo TCV Advocates
25th January 2023
Banking & FinanceInsurance & ReinsuranceInvestment Services & FundsNews and PublicationsRegulatory Compliance

Regulatory Compliance Quarterly Update | Q3 2022

We are pleased to issue our second edition of the Regulatory Compliance Quarterly Updates. These updates are intended to keep Maltese regulated entities informed of regulatory changes and developments taking place in the local financial services space. In this issue, we focus on the sector specific and cross-sectoral regulatory updates relating to Investment Services and Asset Management; Credit and Financial Institutions and Insurance Undertakings and Insurance Intermediaries. Our second Regulatory Compliance Quarterly Update can be found hereThe Regulatory Compliance Quarterly Update does not purport to give legal, regulatory,financial or tax advice. Should you require further information or assistance, please do…
Mamo TCV Advocates
24th October 2022
Dubai
Banking & FinanceFinTechInsurance & ReinsuranceInvestment Services & FundsLegal UpdateRegulatory Compliance

MFSA Issues Guidelines to the Submission of the Statement of Source of Wealth and Source of Funds

On the 12 August 2022, the MFSA has issued a Circular to inform the financial services industry of the launch of a new standardised template (“Annex AX26: Source of Wealth and Source of funds self-declaration form”) to be used with immediate effect when submitting a statement of source of wealth and source of funds. The statement is to be submitted by all qualifying shareholders and Politically Exposed Persons as an attachment to their online Personal Questionnaire. The statement is to be filled in electronically and signed by the applicant. Disclaimer: This document does not purport to give legal, financial or…
Mamo TCV Advocates
26th August 2022
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Banking & FinanceLitigation & Dispute Resolution

Court of Appeal Judgment Supports Bank’s Decision Not To Authorise Client To Withdraw Funds From His Account

This article was written by​ Dr Maria Lisa Buttigieg & Tessa Borg Bartolo.In a recent decision delivered by the Court of Appeal in its Inferior Jurisdiction, the Court of Appeal overturned a decision delivered by the Arbiter for Financial Services concerning BNF Bank's decision not to authorize a client to withdraw funds from a bank account held in the client's name and this after the Bank was informed by the client that his mother, who was indicated as a debtor in a number of garnishee orders, was using his account to deposit her salary.Although the client had admitted that his…
Maria-Lisa Buttigieg
15th November 2021
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Banking & Finance

Garnishee Orders – Recent Amendments to the Code of Organisation and Civil Procedure Could Place Significant Administrative Burden on Banks

This article was written by​ Dr Neeraj Bharwani and Dr Michael Psaila Act No. LXII of 2021 (the "Act") was published in the Government Gazette on the 29th October 2021 introducing several amendments to the provisions dealing with garnishee orders in the Code of Organisation and Civil Procedure, Chapter 12 of the Laws of Malta (the "COCP"). Briefly, the Act has extended the list of assets that cannot be subject to a garnishee order to include:(i) Private pensions and pensions issued by foreign governments up to the amount established for the highest pension issued by the Government; (ii) Benefits and subsidies…
Neeraj Bharwani
12th November 2021
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Banking & Finance

The Central Bank of Malta Issues Directive 19 on the Use of Cheques and Bank Drafts

This article was written by​ Dr Michael Psaila and Mr Neeraj Bharwani.Directive No 19 on the Use of Cheques and Bank Drafts ('the Directive') was issued by the Central Bank of Malta on 7th July 2021 with the aim of promoting safe and effective use of cheques and bank drafts ('paper-based instruments') drawn on Maltese banks and financial institutions. Furthermore, institutions which exercise their passporting rights to provide their services in Malta, post office giro payment institutions and the Central Bank of Malta ('Bank') when acting as a payment service provider, and any natural or legal person making use of…
Michael Psaila
21st July 2021