The Malta Financial Services Authority (MFSA) has revoked the licence of MPM Capital Investments and issued its directors with 10-year bans following a series of breaches.
MPM Capital Investments was found to have been carrying out remittance services without the correct licence. When challenged, the company provided the MFSA with false information. The regulator said MPM Capital had carried out money remittance on "a regular and habitual basis."
The MFSA said the firm had not cooperated "in an open and honest manner."
The Malta-based firm's two directors, Alexander Mangion and Melvyn Mangion, were handed 10-year bans on working in financial services or MFSA-licensed activity.
The regulator has launched an investigation in the activities of MPM Capital.
MPM has been ordered to close all its client accounts with immediate effect. The company was unavailable for comment.