Malta fines shuttered Pilatus Bank €4.98m for “total disregard” of AML/CFT

Three years after an “extensive compliance review”, Malta’s Financial Intelligence Analysis Unit (FIAU), on 31 August [2021], issued Pilatus Bank [licence revoked by the European Central Bank in 2018] with a €4,975,500 penalty for comprehensive failings under the Prevention of Money Laundering and Funding of Terrorism Regulations. [1]