Malta-Based Bank Fined Over €300,000 For Money Laundering Practices
Malta-based NBG Bank has been fined €337,422 for money laundering regulations breaches by the Financial Intelligence Analysis Unit (FIAU).
One of the breaches includes weak oversight of a “very well-known” businessman’s multi-million US dollar transactions, Times of Malta reported.
This news comes during Malta’s attempt to rid itself of the FATF greylisting it fell victim to earlier this year, and it wasn’t placed back on the white list in a new update that was announced this Friday.
NBG bank was formerly known as Finansbank Malta and has been located on the island since 2005, mainly working with high net-worth clients and corporations.
NBG had been servicing a customer who was reported on adversely in the media in March 2017, but the bank had allowed that customer a cash collateral of over $30 million.
The bank also allowed outward transactions of over $35 million without any supporting evidence.
The fines consist of two separate ones, one for failing to reply to requests for information and a second for breaching six anti-money laundering provisions.
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