The now closed Pilatus Bank has been hit with a €5 million penalty by FIAU, (Financial Intelligence Analysis Unit), after ‘very serious and systemic’ failures were found in the bank’s failures to guard against financial crimes, according to local newspaper reports.
The penalty by the FIAU comes after a three year investigation of client’s accounts and banking procedures.
Pilatus Bank was closed in November 2018 when the European Central Bank revoked its license two years after it was first implicated in alleged money laundering breaches.
