Malta’s FIAU slaps Credorax Bank with €51,000 fine
23 Mar 2020

Credorax Bank has been slapped with a €51,000 fine by the Financial Intelligence Analysis Unit (FIAU) for failing to provide it with information in a timely manner.

In a notification on the FIAU’s website, the anti-money laundering unit said Credorax Bank had given delayed replies to 37 requests for information and outright failed to reply to two other requests.

The bank specialises in cross-border e-commerce and processed €4.1 billion worth of payments in 2018.

Financial institutions regulated by the FIAU are expected to reply to information requests within five days due to the often urgent nature of their investigations.

The FIAU said that Credorax’s delayed replies arrived from two to 20 days late.

This failure to reply to information demands in a timely manner meant the bank had breached anti-money laundering laws, the FIAU said.

In a separate FIAU notification, the unit said that an unnamed notary had been ordered to improve anti-money laundering controls.

The FIAU found during a compliance visit that the notary did not have a documented business risk assessment and had not properly assessed the risk factors of customers.

It was also found that, in a small part of the files reviewed, the notary had failed to obtain a declaration about whether the client was a politically exposed person (PEP) or not.

By Jacob Borg, Times of Malta, 21 March 2020

Read more at Times of Malta

RiskScreen: Eliminating Financial Crime with Smart Technology

Count this content towards your CPD minutes, by signing up to our CPD Wallet

FREE CPD Wallet