PENALTIES FOR OFFENCES _g S.L.371.05 1
SUBSIDIARY LEGISLATION 371.05
PENALTIES FOR OFFENCES REGULATIONS
7th September, 1999
LEGAL NOTICE 155 of 1999, as amended by Legal Notice 385 of 2003.
Citation.
Regulations.
Interpretation.
Cap. 371.
"banking directive" means any directive issued by the competent
authority under article 4(2) of the Act;
"competent authority" means the body nominated under article
3(2) of the Act;
"Tribunal for Financial Services" means the Financial Services
Tribunal established under article 10(1) of the Act.
Penalties.
contravened a provision of the Act appearing in the first column of
the First Schedule shall be liable to the payment of the
corresponding fine  (multa)  laid down in the second column of the
said Schedule or to the corresponding period of imprisonment laid
down in the third column thereof or to both such fine and
imprisonment.
(2) For any failure by any person to comply with a provision of
the Act appearing in the first column of the Second Schedule
consisting in the corresponding act or omission described in the
second column thereof the competent authority may impose by way
of an administrative penalty the corresponding sum appearing in
the third column of the said Schedule.
Appeal to the 
Tribunal for 
Financial Services.
4. (1) Any person may appeal to the Tribunal for Financial
Services against any decision of the competent authority imposing
upon him an administrative penalty in accordance with the
provisions of regulation 3(2).
(2) Subject to the provisions of subregulation (3), the
provisions of article 10 of the Act shall  mutatis mutandis  apply to
any appeal made under this regulation.
(3) Any appeal under this regulation shall suspend in all cases
the execution of the decision appealed from and the decision of the
Tribunal for Financial Services on any such appeal shall be final.
2 _g S.L.371.05 PENALTIES FOR OFFENCES
Penalties which are enforceable by prosecution in the courts of Malta
Any person found guilty of an offence under any other provision of the Act or any rules or
regulations made thereunder which is not specifically provided for in this Schedule, shall be
liable to a fine of not less than Lm100 and not more than Lm30,000 or to imprisonment for a
term not exceeding two years, or to both such fine and imprisonment.
Amended by:
L.N. 385 of 2003. FIRST SCHEDULE Regulation 3(1)
First Column Second Column Third Column
Provision Fine ( Multa ) Imprisonment
35(1) not less than Lm 1,000 but not
more than Lm 250,000
not less than six months but not
more than two years
35(3)( a ) with
reference to 5(1)
not less than Lm 5,000 but not
more than Lm 500,000
not less than one year but not
more than two years
35(3)( a ) with
reference to 8 or
to 11(2)
not more than Lm 1,000 not less than one month but not
more than three months
35(3)( a ) with
reference to 12
not more than Lm 2,500 not less than one month but not
more than three months
35(3)( a ) with
reference to 13
not more than Lm 5,000 not less than one month but not
more than three months
35(3)( a ) with
reference to 21
not less than Lm 1,000 but not
more than Lm 10,000
not less than one month but not
more than six months
35(3)( a ) with
reference to
each failure
under 22(7)
not less than Lm 100 but not
more than Lm 1,000
not less than one month but not
more than three months
35(3)( a ) with
reference to
23(4)
not less than Lm 1,000 but not
more than Lm 10,000
not less than one month but not
more than six months
35(3)( a ) with
reference to 24
not less than Lm 100 but not
more than Lm 10,000
not less than three months but
not more than two years
35(3)( a ) with
reference to
28( a )
not less than Lm 10,000 but not
more than Lm 300,000
not less than six months but not
more than two years
35(3)( a ) with
reference to 33
not less than Lm 500 but not
more than Lm 10,000
not more than three months
35(3)( a ) with
reference to
34(2)
not less than Lm 500 but not
more than Lm 10,000
not more than one year
35(3)( d )  not less than Lm500 but not
more than Lm 5,000
not less than one month but not
more than three months
35(3)( e ) not less than Lm500 but not
more than Lm 5,000
not less than one month but not
more than three months
35(3)( f ) not less than Lm 100 but not
more than Lm 10,000
not less than three months but
not more than two years.
PENALTIES FOR OFFENCES _g S.L.371.05 3
Administrative penalties which may be imposed by the competent authority
without recourse to a court hearing
SECOND SCHEDULE Amended by:L.N. 385 of 2003.
Regulation 3(2)
First Column Second Column Third Column
Provision Act or Omission Penalty
35(3)( a ) with
reference to 5(3)
failure to pay licence fee Lm25 per day
35(3)( a ) with
reference to 7(2)
proviso ( b )
failure of own funds of bank to
attain prescribed level within
period determined by competent
authority
Lm100 per day
35(3)( a ) with
reference to
8(2)( a )
failure to notify competent
authority of proposed change in
name of representative office
Lm 20 for every day the failure
continues
35(3)( a ) with
reference to
8(2)( b )
failure to notify competent
authority of change in licence
Lm 20 for every day the failure
continues
35(3)( a ) with
reference to
11(1)
failure to inform competent
authority of opening of new
branch, agency or of office in
Malta
Lm 250
35(3)( a ) with
reference to
14(2) or 14(3)
failure to notify the competent
authority with the required
particulars or information
Lm 250 for every day the failure
continues
35(3)( a ) with
reference to 15
prohibited transactions by bank Lm 100 for every day the
transaction continues
35(3)( a ) with
reference to
17(1)( c )
failure to notify competent
authority upon ratio falling
below required level
Lm 100 for every day the failure
continues
35(3)( a ) with
reference to
17(1)( c )
failure to restore ratio to
required level within period
determined by competent
authority
Lm 100 for every day the failure
continues
35(3)( a ) with
reference to 18
failure to comply with minimum
liquidity ratio requirements
Lm 100 for every day the failure
continues
35(3)( a ) with
reference to
20(8)
failure to furnish information or
documents as required by
competent authority within
specified time
Lm 10 for every day the failure
continues
35(3)( a ) with
reference to
31(1)
failure to appoint auditor Lm 5,000
35(3)( a ) with
reference to
31(6)
failure to give notice as required Lm 5,000
35(3)( a ) with
reference to
31(7)
failure to change auditors Lm 5,000
35(3)( a ) with
reference to 32
disqualified officer who acts or
continues to act as officer of
bank
Lm 1,000 for every day that
conduct continues
4 _g S.L.371.05 PENALTIES FOR OFFENCES
Any person who breaches any other provision of the Act or any rules or regulations made
thereunder or of any directives and which may give rise to the imposition of an administrative
penalty not otherwise specifically provided for in this Schedule, shall be liable to a penalty of
not less than Lm100 and not more than Lm30,000 and to a penalty of not more than Lm25 for
every day the default continues, or to both such penalties together, as the case may be.
35(3)( a )( b ) with
reference to 19
failure to submit to competent
authority statements or
information as prescribed by
banking directive
Lm 300 for every day the failure
continues
35(3)( a )( b ) with
reference to
20(1)(2)
failure to submit information or
to clarify information submitted
as required by competent
authority or Central Bank
Lm 300 for every day the failure
continues
35(3)( a )( b ) with
reference to 30
failure to forward to competent
authority and/or Central Bank, or
to publish, or to exhibit a copy of
financial statements
Lm 25 for every day the failure
continues
35(3)( c ) with
reference to
8(3)(4)
failure to desist from using name
objected to by competent
authority in relation to activities
in Malta
Lm 100
35(3)( c ) with
reference to 8(6)
failure within specified period to
provide information or
documents required by
competent authority
Lm 100
35(3)( c ) with
reference to 9
failure to abide with the
conditions or restrictions of a
licence
Lm 100 for every day the failure
continues
35(3)( c ) with
reference to
20(3)(4)(5)(6)
failure to comply with notice by
or requirement of competent
authority for the production of
specified report, document or
information
Lm 5,000 and Lm 50 for every
day the failure continues.
First Column Second Column Third Column
Provision Act or Omission Penalty
