FIAU fines Lombard Bank for breaches in anti-money laundering obligations

The Financial Intelligence Analysis Unit (FIAU) has imposed an administrative penalty on Lombard Bank for what were considered as breaches in certain Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) obligations, the bank said on Friday.

It said the findings were noted by the FIAU during an inspection carried out in September/October 2019. While they were of an administrative nature, they did not relate to suspicions or evidence of money laundering, it said adding it will be appealing the decision.

Lombard said it wanted to reassure all its stakeholders that it has always been, and remains, committed to preventing the use of its services for any form of illicit activity. 

It said that, as a matter of policy, it does not enter into business relations with those involved in sectors considered to carry inherent AML/CFT risks while it continued to strengthen its defences to this end. 

Investment in technical and human resources to further minimise the potential for financial crime continues unabated, it said.

Lombard added that, in its 50-year history, it has built a reputation as an upright and trustworthy institution based on traditional relationship banking...