The European Banking Authority has issued a lengthy Recommendation, directed to the Financial Intelligence Analysis Unit of Malta, involving its major AML/CFT failures regarding Pilatus Bank. The Recommendation outlines the extensive work that the FIAU must undertake, to remedy its shortcomings and to comply with the European AML Directive.
Readers who wish to review the complete text of the Recommendation to the Maltese Financial Intelligence Analysis Unit (FIAU) on action necessary to comply with the Anti-Money Laundering and Countering Terrorism Financing Directive can access it here.
Chronicles of Monte Friesner - Financial Crime Analyst
Contributed by Kenneth Rijock - Financial Crime Consultant