A Malta-based bank owned by a Dutch billionaire has been fined by Malta’s Financial Intelligence Analysis Unit (FIAU) for failings in its anti-money laundering and counter financing of terrorism (AML/CFT) processes.

Novum Bank, owned by Dutch entrepreneur Marcel Boekhoorn, has been ordered to pay a €89,000 (US$90,000) penalty and told to tighten up its checks on clients.

You need to be logged in to view this article.

If you are an existing subscriber please enter your credentials to log in.

To become a member of The Association of Trade Finance Compliance Professionals (ATFCP) click here!