The Times of Malta on 7th July reported that Satabank has been given a record €3 million fine for widespread breaches of money laundering laws. This follows the news that the MFSA and FIAU last year found extremely weak structures in place to prevent its clients from using it to launder potential proceeds of criminal activity – freezing all its funds and appointing EY to administer its assets. Police and financial regulators have since been combing through suspicious transactions with potential links to fuel smuggling, drug trafficking and trade with sanctioned countries.
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