In October 2017, Confiance was ordered to transfer its business to another licensed trust and fiduciary services provider after the island’s regulator found it “fell short of expected standards”.
This month the Malta Financial Services Authority cancelled Confiance’s authorisation for multiple breaches of the Trusts and Trustee Act, handing it a €16,000 (£13,000 $17,600) fine.
It has also banned chief compliance officer David Mason and fellow director Gareth O’Connell.
The breaches, which are open to appeal, include failing to show due care and diligence or acting in good faith or avoiding conflict of interest; failing to keep good records; failing to maintain a minimum of three directors; failing to maintain a minimum of €15,000 capital; failing to maintain records of the identity and residence of beneficiaries, dealings and assets; failing to notify the MFSA of a change of circumstance; and failing to provide information to the MFSA.
Mason and O’Connell have been contacted by International Adviser for comment.