APS Bank

APS Bank penalized with a hefty €228,000 by FIAU for violating anti-money laundering regulations.

2 February, 2023 | Mathew Vella

Catholic Archdiocese-Owned APS Bank Fined by FIAU for AML Compliance Shortcomings

APS Bank, owned by Malta's Catholic archdiocese, has been fined €228,706 by the Financial Intelligence Analysis Unit (FIAU) for violating anti-money laundering rules. The bank will not appeal the penalty and will provide a detailed reaction on Friday, 3rd February.

Findings of FIAU

The FIAU found numerous deficiencies in the APS Bank procedures during a customer file review, including a lack of information on the expected source of funds, insufficient records management, and insufficient information on transactions. In one instance, the bank did not question a customer's deposit spike, while in another case, the bank failed to follow up on a scheduled meeting to understand a customer's transactions. APS must now provide the FIAU with a plan outlining the remedial actions taken to address the breaches.

CEO Marcel Cassar stated that the bank is fully committed to compliance and is investing in technology and training to enhance its anti-money laundering framework.

Also Read: Mass Non-Compliance as Upgraded AML Rules for Foreign Companies Come Into Play

Original News Story Source: malta today

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