On the 25th May 2022, the Court of Appeal in its Inferior
Jurisdiction, decided an appeal filed by the Competent Person
appointed by the MFSA to represent Satabank plc in terms of Art
29(1)(b) of the Banking Act, challenging the imposition by the
Financial Intelligence Analysis Unit of an administrative penalty
of €327,500 million against the same bank, by substantially
reducing the penalty to €68,000.
This judgment follows a previous decision, delivered by the same
Court on the 15th December 2020, which reduced another
administrative penalty of €3.7 million imposed by the FIAU
against Satabank to €851,000.
Fenech Farrugia Fiott Legal were appointed by the Competent
Person to assist Satabank on these proceedings.
