MALTA: SATABANK ‘BLINDLY’ TOOK ON CLIENT PORTFOLIO WITHOUT KNOWING RISKS

On 2 January, the Times of Malta reported that a report from the local FIU, the FIAU, says that Satabank “blindly” took on a portfolio of clients from another financial institution in 2015 without assessing the money laundering risks involved.  A review of client portfolios in 2016 revealed “gross deficiencies” in relation to Maltese AML/CFT laws, the FIAU said.  The bank closed in 2018 after analysis of its operations found “lax and at times inexistent” safeguards to prevent money laundering and terrorism financing.

https://timesofmalta.com/articles/view/satabank-blindly-took-on-client-portfolio-without-knowing-risks.842322

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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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