Malta’s FIAU Excessively Over-Fined Notorious Satabank!
A fine imposed on the now-defunct Bulgarian-owned laundromat Satabank plc by Malta's Financial Intelligence Analysis Unit (FIAU) has been slashed from €327,500 to €68,000 after the bank appealed the penalty. The FIAU announced that a fine they had issued against the bank in October 2018 had been reduced by the Court of Appeal (Inferior Jurisdiction). As usual, details of the judgment have not been disclosed to the public. Satabank became notorious with a €3.7M AML/CFT penalty.