MALTA: FIMBANK FINED €168,943 FOR ‘SERIOUS’ AML FAILURES

On 11 August, the Times of Malta reported that Fimbank has been fined €168,943 by the FIAU for “serious shortcomings” in its AML obligations following a 2018 inspection of the bank, when the FIAU found Fimbank’s risk assessment tools did not account for all the countries its clients were dealing with.

https://timesofmalta.com/articles/view/fimbank-fined-168943-for-serious-anti-money-laundering-failures.810714

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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