Pilatus Bank Fined €5M By Malta Watchdog For AML Failings
By Najiyya Budaly (September 2, 2021, 2:05 PM BST) -- A Maltese regulator has handed a fine of €5 million ($5.9 million) to Pilatus Bank, which closed in 2018, for "very serious and systemic" breaches of its anti-money laundering obligations after it failed to monitor customers' activities and transactions.
The Financial Intelligence Analysis Unit said on Tuesday that it has hit Pilatus Bank PLC with a fine of €4.975 million for failing to carry out appropriate background checks on customers, adding that the lender did not monitor transactions correctly.
The bank, which opened in 2014, was closed in November 2018 after the European Central Bank withdrew its license as a credit institution....
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