MALTA: LOMBARD BANK FINED €340,000 BY FIAU OVER AML SHORTCOMINGS

On 30 October, Malta Today reported that the FIAU finds low level of risk assessment and enhanced due diligence for PEP and voluminous transactions at Lombard Bank.  It has been fined €340,058 for breaching AML obligations by the Financial Intelligence Analysis Unit.

https://www.maltatoday.com.mt/business/business_news/105623/lombard_bank_fined_340000_by_fiau_over_money_laundering_shortcomings

https://www.independent.com.mt/articles/2020-10-30/local-news/Lombard-Bank-slapped-with-340-000-fine-by-FIAU-over-money-laundering-breaches-bank-to-appeal-6736228269

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page 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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