Malta, 3 April 2018 – Ferratum Bank p.l.c. has received notification from the Malta Financial Services Authority (“MFSA”) of a decision to impose an administrative penalty of EUR 188,445 for breaching the provisions of Article 17B. (1) and (2) of the Banking Act (Cap. 371 of the Laws of Malta), and the technical criteria on Governance Arrangements and Treatment of Risks specified in paragraphs 1(a)(i), 5(a), 8(a), 14(a), 14(b) and 15(a) of Annex 2B of Banking Rule 12 on The Supervisory Review Process Of Credit Institutions Authorised Under The Banking Act.
The decision concerns certain shortcomings relating to internal governance and treatment of risk that were identified by the MFSA in July and August 2016, as part of the MFSA’s Supervisory Examination Programme for Less Significant Institutions. Ferratum Bank p.l.c. has been in active dialogue with the MFSA since the time of the findings, and none of these required any changes to the financial statements or risk provisions of Ferratum Bank p.l.c. Furthermore the MFSA’s findings have not resulted in any losses for third parties, and in its decision the MFSA took into account that there were no previous breaches by the Bank and its cooperative attitude in addressing the MFSA’s concerns.
The Bank regrets that the MFSA has determined to impose an administrative penalty and will continue to cooperate fully with the MFSA.