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Of Counsel

Michael Borg Costanzi

Michael Borg Costanzi

Michael Borg Costanzi is Of Counsel at Mamo TCV Advocates.  He joined Bank of Valletta p.l.c. in 1980 and graduated as Doctor of Laws from the University of Malta in 1993. During the 35 years spent at Bank of Valletta, Michael headed the Bank’s legal office from 2001 and was appointed as a Chief Officer responsible for the Bank’s Legal Office, Office of the Company Secretary, Customer Issues Unit and Compliance Unit in 2008. In 2005, Michael was appointed as a member of the Bank’s Executive Committee and from 2008, he sat on the Bank’s Compliance and Risk Management Committees.

From 2000 to 2009, Michael, as a visiting lecturer, delivered lectures on banking law to law students at the University of Malta.

Michael took up early retirement from Bank of Valletta with effect from the 1 April 2015 and joined Mamo TCV Advocates at the beginning of August 2015.

Michael serves as a non-executive director on a number of boards of local companies.

Michael’s main area of practice is banking and finance.

Michael is a member of the Chamber of Advocates.

Education

  • Doctor of Laws (1993, University of Malta)

Representative Experience

  • Counsel in the matter concerning lending for the acquisition of land and construction of buildings thereon in Malta for a total value of approximately €75,000,000.

Memberships

  • Admitted to the Maltese Bar, Superior Courts of Malta (1993)
  • Malta Chamber of Advocates

Get In Touch

Address

MAMO TCV Advocates
Palazzo Pietro Stiges
103, Strait Street
Valletta, VLT 1436
Malta

Stay updated with our latest insights

Mamo TCV - Legal Article
Banking & Finance

Court of Appeal (Inferior Jurisdiction) Orders the Reinstatement of Bank Accounts

Bank Accounts were reinstated after Bank failed to give justified reasons for termination under AML/CFT obligations. 1. Facts of the Case APS Bank p.l.c. (hereinafter 'the Bank’) had informed a customer (hereunder ‘the Appellant’) that, after the Bank’s internal policies and procedures were revised, the Bank was no longer in a position to provide banking services to her and, that consequently, their contractual relationship was being terminated. The Appellant lodged a complaint before the Arbiter for Financial Services in Malta (hereunder ‘the Arbiter’) claiming that the Bank had terminated the banking relationship unfairly, without a valid reason and contrary to…
Mamo TCV Advocates: The European Banking Authority (EBA) has released an opinion that assesses emerging trends in payment fraud and proposes regulatory measures to address these challenges. In our latest Payments Insights, we discuss the EBA's publication which emphasises the necessity of improving security measures for instant payments, applying Strong Customer Authentication (SCA) consistently across all transaction types, and facilitating cross-border collaboration to manage the increased fraud risks associated with international transactions. The EBA’s Opinion also outlines several regulatory recommendations, including updating fraud risk management frameworks, adjusting liability rules to better protect consumers, and reinforcing supervisory processes. These measures are designed to increase the resilience of the financial sector for the benefit of the end-consumer within the payments sphere.
Banking & Finance

Payments Insights #2 –
EBA Opinion on Payment Fraud and Possible Mitigants

On the 29th of April 2024, the European Banking Authority (the ‘EBA’) published an opinion (the ‘Opinion’) in which it assesses payment fraud data and identifies new types and patterns of payment fraud while developing proposals to mitigate them. In this second Payments Insight we highlight some of the most important key considerations emerging from the EBA’s Opinion. The power of the EBA to issue this Opinion stems from Articles 1(5), 8(2)(g), 9(4), and 16a(1) of Regulation (EU) No 1093/2010. These provisions empower the EBA to promote a uniform approach to the regulation and supervision of innovative financial activities. Additionally,…
Mamo TCV Advocates – Safeguarding under the Proposed PSD3
Banking & Finance

Payments Insights #1 –
Safeguarding under the Proposed PSD3

Introduction to the Payments Insights Series The European Commission is currently in the process of updating the EU’s legal framework for payment services. These proposals include: A proposed Third Payment Services Directive (the ‘PSD3’) which is a directive on payment services and electronic money services in the EU’s internal market which will repeal the Second Payment Services Directive (the ‘PSD2’) and the Second Electronic Money Directive (the 'EMD2’); and A proposed new Payment Services Regulation (the ‘PSR’). The proposed legal amendments aim to: Strengthen the protection of users and enhance confidence in payments and electronic money services; Improve the competitiveness…
European Commissions Releases FAQs on Notification and Authorisation of Tanker Sales
Corporate and M&A
Sanctions 7: European Commission Releases FAQs on Notification and Authorisation of Tanker Sales
Mamo TCV: A General Insight into Current #Data Trends for #Banks including #EU Data Developments and Regulatory Updates. Read our Article to learn more about this.
Banking & Finance
Data Requirements for Banks: Current Trends and Upcoming Regulatory Updates
On 14th March, the MFSA published “A Guidance for Money Laundering Reporting Officers in the Financial Services Sector”, to be read in conjunction with previous guidelines issued in relation to the MLRO function.
Corporate and M&A
MFSA publishes a Guidance for MLROs in the Financial Services Sector