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FIMBank reaction to FIAU administrative penalty


As a result of findings emerging from a compliance review carried out by the Financial Analysis and Investigation Unit (FIAU) in 2018, FIMBank plc is being imposed a penalty of an administrative nature amounting to Eur168,943.  The findings were based on the examination of a selection of files by the FIAU, as a result of which the Unit determined that the Bank lacked an adequate transaction monitoring system commensurate with the size and nature of the business of the bank.

Although the FIAU acknowledged the enhancements carried out by the Bank to ensure it is in a position to adhere to its AML/CFT obligations, the regulator concluded that the Bank’s systems, at the time, were not adequate to effectively scrutinise transactions.

FIMBank Acting CEO Adrian Gostuski stated that “in a banking environment with a heightened awareness of compliance, transaction monitoring is a highly critical function.” He added that since the 2018 compliance review, “the Bank has made significant investments in technology, including the implementation of a financial crime risk management platform that delivers enhanced transaction monitoring and risk protection against a wide array of financial crimes. This has been complemented by staff training and professional development.” In the meantime, FIMBank has maintained regular contact with the FIAU, which in turn has recognised the remedial efforts undertaken by the Bank.

Since its inception in 1994, the Bank has consistently adopted a zero-tolerance approach to money laundering and terrorist financing and remains committed to combatting financial crime. The rigorous action undertaken since the 2018 compliance review has further reinforced the Bank’s commitment to full compliance with all current regulations.