PILATUS BANK FINED RECORD €4.9 MILLION FOR LETTING MILLIONS FLOW THROUGH MALTA UNCHALLENGED

On 31 August, the Times of Malta reported that now-closed Pilatus Bank has been fined a record €4.9 million for a “serious and systemic failure” to follow AML laws.  The FIAU said it had identified failures when it came to the bank’s obligations to ensure it keeps customer information, data and documentation up to date in 97% of the customer files it reviewed.

https://timesofmalta.com/articles/view/pilatus-fined-record-49m-for-letting-millions-flow-through-malta.897280

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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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