The Times of Malta reported on 27 July that Sparkasse had received a €217,635 fine by the FIAU after an inspection found “serious shortcomings” in the bank’s money laundering safeguards. Sparkasse was found to have carried out only basic checks on accounts held by certain investment services companies. Furthermore, the FIAU found Sparkasse failed to collect data on source of wealth and estimated size of transactions, instead relying on information provided to it by other entities.

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

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s