Satabank clients still awaiting funds – The Malta Independent on Sunday
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Clients of Satabank are still awaiting funds approximately eight months down the line since its accounts were frozen by the Malta Financial Services Authority (MFSA), the Malta Independent on Sunday reports.
The move came after a joint inspection and audit by the MFSA and the Financial Intelligence Analysis Unit (FIAU) found shortcomings in the bank’s anti-money laundering procedures.
The report says that a number of industry insiders noted how – eight months later – they are seeing things “moving at a much slower rate. We cannot understand what has happened, but we are speaking up and chasing them every day.”
They maintain that whilst they are being told by the bank that everything is fine, the payments have “slowed down dramatically” in the last couple of months in contrast to the “steady flow at the beginning”.
With regard to why this is happening, it was explained to them that there might be other checks that need to be carried out but, in reality, no other information has been asked of them.
“There are even a number of individuals who have resorted to trying to contact the Prime Minister in an effort to get this situation resolved.”
