LONDON—HSBC has been fined €82,000 by Malta’s Financial Intelligence Analysis Unit (FIAU) for violating local anti-money-laundering laws.
FIAU said the bank had failed to document the justification for a €2 million transaction by one of its clients, Independent.com.mt reported, citing a FIAU’s website .
According to its website post, FIAU said that while information on the customer’s business operations was provided by the bank, this was not supported by invoices or other transaction-related evidence.
In a separate case, the FIAU said the bank’s transaction-tracking system failed to alert the company to a number of high-value transactions from a client, Independent.com.mt said, noting some of these transactions topped €800,000.
HSBC said the rule in effect at the time had not caused any warnings to be sent on these transactions. However, the bank has since conducted a “tuning exercise” and set up new thresholds in its monitoring system, Independent.com.mt reported.
The FIAU flagged that the monetary thresholds established at the time were too high, increasing the risk of significant and anomalous transactions passing by without sufficient examination, Independent.com.mt explained.
Just in Time for the Holidays, CUToday’s Free Morning Headline Email is Now Double-Free!
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.