ECB withdraws Malta-based bank’s licence
02 Jul 2020

A Malta-based bank, Satabank, has had its licence withdrawn by the European Central Bank, Finance Minister Edward Scicluna and the Malta Financial Services Authority said on Wednesday.

The decision was taken on the recommendation of the authority.

The Bulgarian-owned bank, established in 2014, had its 12,000 accounts frozen by the Maltese regulator in October 2018 as it investigated alleged money-laundering breaches and suspicious transactions running into millions of euros.

By Chris Scicluna, Reuters, 1 July 2020

Read more at Reuters

RiskScreen: Eliminating Financial Crime with Smart Technology

Advance your CPD minutes for this content, by signing up and using the CPD Wallet

FREE CPD Wallet