On 16 September, SBC News reported that the MGA Annual Report provides a breakdown of its supervisory activities, regulatory objectives and policy initiatives undertaken during the financial year ending 31 December 2021. Supervisory activities saw the MGA issue 64 warnings, leading to a cancellation of 7 licences, as its compliance audits registered 31 administrative penalties and 3 regulatory settlements that summoned collective fines totalling €176,000. Monitoring by the Financial Intelligence Unit (FIAU) led to enforcement measures being applied on 10 licensees who were further reprimanded with MGA-sanctioned penalties of €863,000; and a total of 13 individuals and companies were deemed to have failed ‘fit and proper assessments, ‘mainly on the basis of mitigating the risks of money laundering or funding of terrorism’.
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