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.
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