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European Parliament Formally Endorses New AML Package Corporate and M&A

European Parliament Formally Endorses New AML Package

As of the 24th April 2024, the European Parliament formally endorsed the upcoming Anti-Money Laundering (‘AML’) Package. This package is anticipated to standardise AML rules across the European Union ('EU'), taking into consideration various potential loopholes which could be utilised by criminals to launder funds. This new package is anticipated to also improve the way national systems within Member States are organised and to promote cooperation between them to tackle money laundering and terrorist financing. This new package will transfer all rules applicable to the private sector to a new Council Regulation (‘AML Regulation’), with the AML Directive (Directive EU…
Zachary Galea
8th May 2024
Mamo TCV Advocates: The Central Bank of Malta repeals Directive no. 18 on Moratorium on Credit Facilities with immediate effect. Find out more about this update here.
CBM Repeals Directive no. 18 on Moratorium on Credit Facilities Banking & Finance

CBM Repeals Directive no. 18 on Moratorium on Credit Facilities

The Central Bank of Malta repeals Directive no. 18 on Moratorium on Credit Facilities in Exceptional Circumstances On 3 May 2024 the Central Bank of Malta (hereunder the ‘CBM’) repealed Directive No. 18 on Moratorium on Credit Facilities in Exceptional Circumstances (hereunder the ‘Directive’). The main objective of the Directive, which had come into force on 13 April 2020, was to implement the provisions of regulation 6 of the Moratorium on Credit Facilities in Exceptional Circumstances Regulations (Subsidiary Legislation 465.40) which regulations were issued under the Public Health Act (Chapter 465 of the Laws of Malta) in order to provide…
Mamo TCV Advocates
7th May 2024
Award in the Practical Applications of Maltese Employment Law News

Award in the Practical Applications of Maltese Employment Law

Mamo TCV Advocates in collaboration with the Foundation for Human Resources Development (FHRD) will once again be organising the course entitled ‘Award in the Practical Applications of Maltese Employment Law’. This course shall consist of a number of lectures on various topics related to Maltese employment law including employment contracts, termination of employment, occupational health and safety matters, employee data processing and immigration issues. The sessions will be held between the 11th and the 20th June. Further details can be obtained through the following link: https://fhrd.org/professional-program/practical-applications-of-maltese-employment-law/
Mamo TCV Advocates
3rd May 2024
Mamo TCV - Legal Article
Court of Appeal (Inferior Jurisdiction) Orders the Reinstatement of Bank Accounts 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…
Sarah Zerafa Lewis
2nd May 2024
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.
Payments Insights #2 –
EBA Opinion on Payment Fraud and Possible Mitigants Banking & FinanceFinTech

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,…
Sarah Zerafa Lewis and Mario Mizzi
30th April 2024
Mamo TCV Advocates Attends Ringing of the Bell Ceremonies at the Malta Stock Exchange Capital Markets

Mamo TCV Advocates Attends Ringing of the Bell Ceremonies at the Malta Stock Exchange

Mikiel Calleja, Laura Spiteri, and Martina Bonnici attended the ringing of the bell ceremonies for Agora Estates plc and Camilleri Finance plc at the Malta Stock Exchange. Held on the 2 April 2024, the ringing of the bell ceremony for Agora Estates plc, a first time issuer, marked its successful listing on the Malta Stock Exchange’s Official List. Agora Estates plc issued €12 million 5.8% secured Bonds 2036 on the Official List as part of a €21 million bond issuance programme. The ringing of the bell ceremony for Camilleri Finance plc was held on the 10 April 2024. Camilleri Finance…
Mamo TCV Advocates
29th April 2024