Bank of Valletta controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2021
FIAU fines Bank of Valletta €2.6 million
Fine or penalty
The Financial Intelligence Analysis Unit fined Bank of Valletta €2.6 million after finding that the bank had failed to properly determine the beneficial ownership of 2,442 corporate customers. Bank of Valletta said there was no suggestion that any affected accounts were involved in money laundering or terrorism.
Company response
Clarification — Bank of Valletta
BOV said there was no suggestion that any of the affected accounts were involved in money laundering or terrorism.
Remediation — Bank of Valletta
The bank said it had taken immediate action and collaborated with the FIAU in a full and transparent manner.
Source excerpt
Bank of Valletta has been slapped with a massive €2.6 million fine by the FIAU after failing to properly identify thousands of corporate customers.
The bank said it had taken immediate action and collaborated with the FIAU in a full and transparent manner.
BOV said there was no suggestion that any of the affected accounts were involved in money laundering or terrorism.
2014
Legal findings concerning former National Bank shareholders
Maltese courts found that shareholders of the former National Bank of Malta had suffered violations of their rights when the government required them to surrender their shares without compensation during the 1970s banking intervention. The Constitutional Court confirmed the findings after appeal. The matter was historically connected to BOV because the bank was created from the National Bank's assets and liabilities, and possible compensation discussions included BOV shares.