Satabank has been slapped with a record €3 million fine for widespread breaches of money laundering laws, The Sunday Times of Malta reports. MaltaToday reports that the fine is €3.5 million.
The bank had been under the control of auditors from Ernst & Young after the Malta Financial Services Authority ordered it to cease all business activity, and was the subject of a joint inspec- tion by both the MFSA and FIAU over shortcomings in the bank’s anti-money laundering procedures.
The police have since been involved, investigating what could be billions in euros which passed through the bank’s payment channels.
The Sunday Times adds “Police and financial regulators have since been combing through suspicious transactions with potential links to fuel smuggling, drug trafficking and trade with sanctioned countries.”
All 12,000 of Satabank’s accounts were frozen by the MFSA, with controlled releases affected byEY, MaltaToday reports.
Via The Sunday Times of Malta FIAU fines Satabank €3.5 million over regulatory breaches
Israeli prime minister Benjamin Netanyahu is facing calls to step aside after exit polls predicted an election deadlock between his and a rival bloc.
Exit polls by major television...
Morning Briefing
Childcare operators warn Budget measure could affect jobs
The Malta Chamber of SMEs and the Childcare Centres Providers Association (CCPA) have urged the Governmen...
Morning Briefing
Childcare operators warn Budget measure could affect jobs
The Malta Chamber of SMEs and the Childcare Centres Providers Association (CCPA) have urged the Governmen...
Morning Briefing
Budget 2027 combines family tax cuts with higher pensions and targeted assistance
Budget 2027 extends the phased reduction in income tax for families with children...
The European Commission has unveiled an ambitious package of tax reforms aimed at simplifying tax rules across the European Union, reducing compliance burdens for businesses and strength...
The European Union's new Migration and Asylum Pact enters into force on 12 June, ushering in the most significant reform of the bloc's migration framework in years and placing renewed em...
Saudi Arabia plans to store crude oil at Singapore's Jurong Rock Caverns from the second half of 2027 to strengthen supply security in the region, energy ministers from both countries s...
Developers of the PHP programming language released emergency patches Wednesday for two critical security flaws that could let hackers remotely take over websites and servers, prompting ...
What began last year as a blood donation initiative involving six companies is expanding into a broader corporate effort, with three additional companies joining this...
Artificial intelligence is rapidly moving up the boardroom agenda, raising an important question for non-executive directors: are boards equipped to oversee the transformation AI is brin...
GO has partnered with workforce management platform Talexio to introduce human resources and payroll tools into its Business Plus proposition, marking a further step in the telecoms grou...
GO plc, has released the Q2 2026 edition of GO Trends, its data intelligence report on how international visitors move around the Maltese islands. Building on the full-year 2025 report p...
Fears of renewed escalation gripped the Middle East on Wednesday after the United States and Iran exchanged their biggest barrage since July, with Washington striking Iran's southern co...
President Donald Trump announced late Saturday that he had called off planned U.S. strikes on Iran, saying renewed negotiations had raised hopes of easing the conflict and reopening ship...
At least 32 people have been killed and more than 700 injured after two powerful earthquakes — measuring 7.2 and 7.5 — struck central Venezuela seconds apart, causing widespread destruct...
Thousands of Cuban security personnel have begun leaving Caracas after nearly two decades in Venezuela, as Washington ramps up efforts to dismantle the long standing alliance between the...
Ukraine said Thursday it struck a Russian oil refinery and damaged six Russian warplanes at an airfield, resuming attacks on Russian energy infrastructure after President Volodymyr Zelen...
Ukrainian drones hit Russia's biggest data centre, owned by the country's largest bank and technology company, Sberbank, but did not disrupt its operations, a senior company executive ...
