PILATUS BANK: FIAU BREACHED AML RULES AND SYSTEMATIC SHORTCOMINGS FOUND

On 11th July, the Malta Independent reported that the European Banking Authority (EBA) in June began a probe into the FIAU’s handling of Pilatus Bank, which has been mired in controversy and named in several leaked FIAU reports.  The FIAU is the FIU in Malta.  The bank was authorised by the Malta Financial Services Authority in 2014.  The EBA conducted a preliminary inquiry, including an on-site visit to the Maltese competent authorities, with the inquiry focused on the extent to which the FIAU’s approach to AML/CFT supervision and enforcement in relation to Pilatus Bank has been effective and in line with EU law.

http://www.independent.com.mt/articles/2018-07-11/local-news/Pilatus-Bank-EBA-finds-general-and-systematic-shortcomings-at-FIAU-6736193274?src=ilaw

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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