Malta hits Lombard Bank with €340,000 fine over anti-money laundering shortcomings

Pedro Gonçalves
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Malta hits Lombard Bank with €340,000 fine over anti-money laundering shortcomings

Malta's Financial Intelligence Unit (FIAU) has fined Lombard Bank € 340,058 for violating anti-money laundering rules. A €2m deposit was made into a Lombard Bank account without the origin of the funds being substantiated in any way, the FIAU has found.  In a report published on its website, the Financial Intelligence Analysis Unit said the only documents maintained on file for this large deposit were copies of cheques issued from bank accounts that the customer held with another bank. ...

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