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
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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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