Bank of Valletta announced today that the Financial Intelligence and Analysis Unit (FIAU) has imposed a fine of €2.6 million on it as an administrative penalty for failing to report Beneficial Ownership information for 2,442 corporate customers in the Central Bank Account Register (CBAR) reporting to the FIAU. 

The bank said took immediate action and collaborated with the FIAU in a full and transparent manner.  It added it continues to invest heavily in a transformation programme and today is able to combat financial crime much more effectively and sustainably over the long-term.

Rick Hunkin, Chief Executive Officer of Bank of Valletta said, “Bank of Valletta takes its responsibility towards regulators extremely seriously; there can be no excuse for a violation of CBAR reporting and this fine is a harsh but important reminder of the need for our systems to be flawless. Over the last few years, the Bank has invested heavily into its systems and processes which enabled this matter to be resolved quickly. The Bank remains on course to modernise all processes and procedures and strengthen training requirements for staff. The Bank is committed to implementing best in class practice systems and being fully compliant with FIAU and international standards.”

The fine imposed by the FIAU on the Bank will not have any significant impact on the bank’s financial or capital position and Bank of Valletta remains well capitalised and profitable. Bank of Valletta said it is transforming in line with greater changes across Malta and is continuously investing to meet new standards set by regulators and the international community, as well as to deliver more resilient, long-term sustainable growth and profits.

Bank of Valletta said it remains fully committed to protect the integrity of the local financial system and to continue servicing its 300,000 customers in an efficient manner.