HSBC Malta fined for AML breach on €2m customer transaction 

Mark Battersby
clock • 2 min read

HSBC Malta has been fined €82,000 for breaching anti-money laundering provisions.   The FIAU, Malta's anti-money laundering unit, found the bank failed to adequately document the reason behind a €2m transaction by one of its customers. In an online notice, the FIAU said that although the bank provided it with more detailed information about the business operations of the customer in question, HSBC did not back this up with invoices or any other supporting documentation for the transaction. The FIAU said that in another breach, HSBC's transaction monitoring system failed to flag var...

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