MALTA: SATABANK FINED A RECORD €3 MILLION OVER MONEY LAUNDERING BREACHES

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.

https://timesofmalta.com/articles/view/satabank-fined-a-record-3-million-over-money-laundering-breaches.720001

 

This blog is primarily for my own use, to keep informed and up to date. However, if you would like to say thank you (and perhaps help me get a new, better laptop when I am away…) you can “buy me a coffee” at https://www.buymeacoffee.com/KoIvM842y

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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