Maltese Woman Left Aggrieved And Confused As Major Cash Withdrawal Attempt Gets BOV Suspicious
Lilian Chetcuti Riolo was left with a bitter taste in the mouth after coming face to face with Bank of Valletta’s cash withdrawal control regulations.
Chetcuti Riolo, an online personality who is well-known for her cultural tours of Malta, said she initially tried to transfer €14,000 to an IBAN number for a car purchase but this request was refused.
She then tried to withdraw €10,000 as a gift but was asked for more substantial evidence than the logbooks she presented as proof the cars changed ownership.
Chetcuti Riolo then tried to withdraw €5,000 for her husband to buy car parts, then €2,000, and then €1,000, but the bank’s staff had grown suspicious by that point because she “was changing her version of events”.
In fact, she said a bank cashier warned her superior that if she were to withdraw €5,000 that day, she might come back the next day to withdraw another €5,000.
Police were eventually called in to escort Chetcuti Riolo out of the bank.
Today, Chetcuti Riolo uploaded a video of herself apologising to a man who came to her home to install a fridge-freezer for being unable to pay him.
“This is why I needed the money. I owe this guy €1,000 and the BOV bank didn’t want to give me cash,” she said.
Contacted for comment, BOV said it’s obliged by law to ensure that all banking transactions, including cash withdrawals, are legitimate cand compliant with Anti Money Laundering and Counter Terrorism Financing Regulations.
“The Bank cannot comment on the internal processes, but additional information or supporting documents in relation to cash withdrawals may be requested,” the spokesperson said. “In addition, it should be noted as well the prohibition of payments of over €10,000 for purposes specified in Legal Notice 81 of 2021.”
This was a reference to a new law that prohibits cash transactions worth €10,000 or more when carrying out transactions involving property and other high-value items. The Financial Intelligence Analysis Unit is in the process of setting up a new Cash Restriction Unit to monitor the market and enforce this law.
However, Chetcuti Riolo argued that she should have a right to access her own money without the bank asking questions about what she intends to spend it on.
“What if I don’t have Revolut or internet banking? Why should I be stopped from using my own money?” she told Lovin Malta. “It’s ridiculous. I’m a nobody, not a multi-millionaire with millions in the bank.”
“What about all those elderly people who don’t have a cheque book, internet banking or Revolut? They’ve been working all their lives and saving every cent but now their bank will ask them why they need to withdraw €2,000? Why should they need to give evidence thatt they intend to donate the money or buy a handbag or whatever?
“I will fight for the rights of elderly people who dont have access to internet banking.”
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