Malta’s biggest bank failed for years to detect or address risks involving thousands of payments, the European Central Bank (ECB) said, detailing “severe shortcomings” that could have allowed money laundering or other criminal activities. A confidential ECB report seen by Reuters said Bank of Valletta (BoV) had not dealt with a litany of risk management failings despite repeated warnings from the Frankfurt-based regulator stretching back to 2015. The report — adopted by the ECB in the summer after an inspection late last year — calls for remedial measures, including assessing if BoV’s top managers are fit for …read more
Source:: Yahoo Finance
