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MaltaToday 01 September Midweek

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NICOLE MEILAK PILATUS Bank has been fined €4,975,500 by the money laun- dering watchdog after it identi- fied "very serious and systemic" failures in the bank's obligation to guard against financial crime. The penalty imposed by the Financial Intelligence Analysis Unit was communicated today after a three-year supervisory examination of client accounts and bank procedures. In its publication notice, the FIAU identified 11 red flags that they deemed should have raised the bank's suspicion on its cus- tomers' activity. It turns out that the infor- mation available to the bank at onboarding significantly di- verged from the customers' actual activity, and substantial amounts of funds were being passed through various entities in incredibly short time periods without a valid reason. Internal transfers within the bank between various entities having the same beneficial own- ership were being cleared off by the bank as mere internal trans- fers, as were monies transferred on behalf of the entities' owners. WWW.MALTATODAY.COM.MT WEDNESDAY EDITION €1.00 WEDNESDAY • 01 SEPTEMBER 2021 • ISSUE 753 • PUBLISHED EVERY WEDNESDAY AND SUNDAY EDITORIAL • PAGE 11 PAGE 3 Pilatus Bank hit with €5 million penalty by FIAU Pope Francis may visit Malta at the end of November Pope Francis KURT SANSONE POPE Francis may visit Malta at the end of November but no dates have been confirmed yet, MaltaToday has learnt. Sources close to the plans, who spoke on condition of an- onymity, said the Vatican has so far not confirmed when the visit will happen. It remains unclear whether the Malta visit will be combined with a visit to Cyprus, which according to a Cypriot govern- ment source will happen in De- cember. The Roman Catholic pontiff is expected to visit Cyprus on 2 and 3 December, according to a Cypriot government official who spoke anonymously with Associated Press news agency on Tuesday. Little else is known about the itinerary. Vatican spokesman Matteo Bruni did not confirm or deny the Cyprus trip. PAGE 6 Pilatus Bank

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