HSBC Bank Malta plc fined by FIAU for on-boarding breaches.
For three (3) customer files, it was observed that at the time of onboarding, the Bank had failed to collect the necessary documents to verify the identity or address of the beneficial owners (BOs)/senior managing officials. Similarly, for four (4) customer files, the Bank had failed at the onboarding stage to carry out the verification of the agents/authorised signatories involved. Therefore, the Bank was found to be in breach of Regulations 7(1)(b) and 7(3) of the PMLFTR and Section 4.3 of the IPs. However, given that the Bank had already remediated these shortcomings prior to the compliance examination, and taking into consideration the fact that such inadequacies were identified in a relatively low number of files, the Committee deemed this breach to be minor in nature, and proceeded to impose a Reprimand and Follow-Up Directive on
2469 money mules arrested in worldwide crackdown against money laundering
Law enforcement from 25 countries, supported by Europol, Eurojust, INTERPOL and the European Banking Federation (EBF) have joined forces to crack down on one of the most important enablers of money laundering: money mules and their recruiters.
During an operational phase carried out between mid-September to the end of November 2022, 8,755 money mules were identified alongside 222 money mule recruiters, and 2,469 individuals were arrested worldwide.
Now in its eighth edition, the European Money Mule Action (EMMA8) has gone international, with actions carried out in countries as far apart as Colombia, Singapore and Australia.