Satabank clients are still awaiting the release of their funds, a full nine months after they were frozen, the Malta Chamber of SMEs (GRTU) has complained.
Reacting to news that the bank has been fined €3 million for anti-money laundering breaches, the GRTU said many of Satabank’s clients who had nothing to do with the regulatory issues had been left in limbo.
Regulators handed over control of Satabank to EY (formerly Ernst and Young) over fears the bank was allowing itself to be used by criminals to launder their funds.
Since the EY takeover in October, a controlled release of funds linked to low risk account holders has taken place.
According to the GRTU, the bank’s clients have been left in the dark about the process and have not been given a timeline about when their funds will be returned.