News re Satabank

In its latest communication issued on 24 October, the MFSA has reported that Satabank has been directed to initiate a controlled process for the return of customer deposits over a period of time. This is good news for depositors who were previously informed that they could not make deposits nor withdraw funds from their accounts. This process will require Satabank customers to verify their identity and to provide additional information in order to enable them to transfer their deposits to other banks in EU/EEA Jurisdictions. We understand that MFSA’s intervention was the result of shortcomings found in the bank’s compliance with AML regulations. E&Y is currently in control of the bank’s business and in charge of customers’ assets. Fenlex is continuing to monitor the situation closely and is reaching out to clients with accounts at this Bank as and when updates are received.