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.

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