HSBC Bank Malta fined €40,000 in January for PEP-related anti-money laundering breaches
Published:
May 12, 2016 at 12:05am
On 7 January this year, HSBC Bank Malta plc was fined €40,000 by the Financial Intelligence Analysis Unit for failure to scrutinise transactions, failure to establish the source of funds of those transactions, and failure to conduct “enhanced ongoing monitoring” of a politically exposed person.
The FIAU found that the bank had breached three of the Prevention of Money Laundering and Funding of Terrorism Regulations.
The notice was published on the Financial Intelligence Analysis Unit’s website on 13 January.
