ARQ Fiduciaries fined €15,000 over beneficial ownership breach

ARQ Fiduciaries fined €15,000 for failure to submit declaration of beneficial ownership for trusts in which company acted as a trustee

The Malta Financial Services Authority has fined ARQ Fiduciaries Limited for its failure to submit the declaration of beneficial ownership for trusts in which the company acted as a trustee.

ARQ Fiduciaries Limited was imposed with an administrative penalty of €15,000.

The MFSA determined that the company failed to adhere to its obligations in declaring beneficial ownership for trusts which generated tax consequences and for which the company acted as a trustee.

The decision may be appealed before the Financial Services Tribunal.

ARQ Group is a partnership between the founding partners of Capstone Group, a mid-tier audit and accounting firm, and the law firm FFF Legal.

In 2016, the group recruited long-time Financial Intelligence Analysis Unit head Manfred Galdes as managing partner, where he now advises major domestic banks, financial institutions and gaming companies on anti-money laundering and regulatory compliance.

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