The Times of Malta on 23rd July reported the reaction of the FIAU (the country’s FIU) to the recent critical EBA report.  The EBA took the FIAU to task over its failure to sanction Pilatus after preliminary findings by the agency raised concerns about the bank’s lack of compliance with AML laws.  A FIAU spokesman maintained that neither the unit nor the EBA had sufficient information to confirm that Pilatus Bank had breached its AML obligations, and it provided more detail of its interaction with the bank.  In its visit reports the FIAU had apparently said the bank was turning a “blind eye” to AML procedures for certain PEP, but a spokesman said that that the lack of documentation about the source of wealth and source of funds regarding some of its clients formed the basis of “most of the concerns” expressed in the initial report and that the “missing” documentation was present during the follow-up visit [perhaps suggesting more of a concern over procedural issues, and the paperwork being seen to be correct, than the actual risks the bank presented, or might present and the need for a closer or more in-depth inquiry?].

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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