Lombard Bank to appeal FIAU decision

Credit: lombardmalta.com

Tista' taqra bil- Malti.

Lombard Bank shall be appealing a decision made by the Financial Intelligence Analysis Unit which has recently fined the bank €340,000 for breaches of anti-money laundering rules.

In a statement the bank said that the FIAU published excerpts from its findings and therefore it did not disclose the context around the individual cases examined.

“This leaves room for misleading and possibly also malicious interpretation to be drawn,” the bank said in a statement.

The FIAU had carried out an on-site inspection in autumn 2019.

Further it said that in its conclusions, the financial watchdog in “no way” suggested the existence of a suspicion nor the presence of money laundering.

The bank shall contest the hefty fine imposed at the appeal stage, adding that it shall be appealing each and every finding and shall avail itself of all legal means for this purpose.