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
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