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EBA Chides Malta's Regulator For AML Supervision Failings

Law360, London (July 12, 2018, 4:27 PM BST) -- Malta’s anti-money laundering watchdog has breached European Union law through “general and systematic” failings in its supervision of a private bank whose clients included high-net-worth individuals, the bloc’s banking watchdog has said.

The European Banking Authority accused the Maltese Financial Intelligence Analysis Unit on Wednesday of failing to comply with the EU’s anti-money laundering rules in its supervision of Pilatus Bank Ltd. The bank has a checkered history, having been accused of funnelling money to high-risk countries such as Iran.

The EBA said it had found...
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