APS BANK PLC, which is owned and controlled by Malta's Archdiocese has been fined €228,000 by the country's banking regulator the FIAU, for major anti-money laundering deficiencies. Although the Church reportedly claims to be only the largest shareholder, is is widely known that the other shareholders allow it to control all banking affairs.
One issue cited by the regulatory authority demonstrates a total lack of AML compliance: a depositor who placed €5m in deposits, when his declared monthly income was only shown as €5000. We are wondering where the compliance officer and MLRO were in that case, but their identities have not yet been publicly revealed.
Here is the complete text of the Notice:
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