The Malta Independent 5 March 2024, Tuesday
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Satabank fined over €3 million for breaching anti-money laundering laws

Sunday, 7 July 2019, 09:44 Last update: about 6 years ago

Satabank has been fined over €3 million over breaches of money laundrering laws.

The Malta Financial Services Authority and the FIAU had conducted a joint investigation into the bank, and found that its structures when it came to preventing clients from using the bank to potentially process funds coming from criminal activity were weak. EY was then appointed as an administrator and all funds at the bank frozen.

The authorities then proceeded to look through potentially suspicious transactions going through the bank.

This incident marked the first time in Malta that the MFSA and other authorities had taken such action against a commercial bank.

 


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