Lombard Bank fined by FIAU

For breaches in Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) obligations.

Credit: lombardmalta.com

Tista' taqra bil- Malti.

Lombard Bank has been fined an administrative penalty for breaches in Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) obligations.

In a statement, Lombard Bank outlined that the Financial Intelligence Analysis Unit (FIAU) carried out an inspection in September/October 2019. According to the bank, while the findings were of an administrative nature, “they did not relate to suspicions or evidence of money laundering.” The bank stated that it will be appealing this decision.

Lombard Bank reassured its stakeholders that it has been and remains committed to prevent the use of its services for any form of illicit activity. In fact, it stated that it does not enter into business relations with those involved in sectors considered to carry
inherent AML/CFT risks while it continues to strengthen its defences to this end.

It also outlined that investment in technical and human resources to further minimise the potential for financial crime continues unabated.