ARQ Fiduciaries fined €15,000 over beneficial ownership breach

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.