Satabank's €327,500 Fine Reduced To €68,000

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Fenech Farrugia Fiott Legal

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On the 25th May 2022, the Court of Appeal in its Inferior Jurisdiction, decided an appeal filed by the Competent Person appointed by the MFSA to represent Satabank plc in terms of Art 29(1)(b)...
Malta Finance and Banking
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On the 25th May 2022, the Court of Appeal in its Inferior Jurisdiction, decided an appeal filed by the Competent Person appointed by the MFSA to represent Satabank plc in terms of Art 29(1)(b) of the Banking Act, challenging the imposition by the Financial Intelligence Analysis Unit of an administrative penalty of €327,500 million against the same bank, by substantially reducing the penalty to €68,000.

This judgment follows a previous decision, delivered by the same Court on the 15th December 2020, which reduced another administrative penalty of €3.7 million imposed by the FIAU against Satabank to €851,000.

Fenech Farrugia Fiott Legal were appointed by the Competent Person to assist Satabank on these proceedings.

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