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Public Notice concerning Satabank Plc – MFSA

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Following the Malta Financial Services Authority’s (‘the Authority’) recommendation to the European Central Bank (‘the ECB’) to withdraw the licence of Satabank plc, on 30 June 2020 the ECB decided to withdraw the licence of Satabank plc with effect from that day.

Ernst & Young Limited, the Competent Person appointed by the Authority in relation to Satabank plc, remains in control of Satabank (‘the entity’) in terms of the relevant provisions of the Banking Act as communicated by Public Notice 87/2018 dated 20 October 2018 (link) and will remain so appointed until otherwise decided by the Authority.

Save as explained below, all the regulatory measures taken in relation to the entity remain in full force and applicable until further notice by the Authority.

Except to the extent provided in this paragraph, the controlled process for the return of customer deposits which was being carried out (as first communicated in Public Notice 90/2018 dated 24 October 2018 (link) and in subsequent notices on the same subject) will not proceed further. The Competent Person will continue to process customer files where complete information required for the return of funds process has been received by 30 June 2020. The Competent Person will not be able to process files where pending queries remain outstanding as at 30 June 2020. The Competent Person will not be able to accept or review any new and/or additional information that is submitted after 30 June 2020.

Customers who have been requested to provide payment instruction details by the Competent Person are to submit this information at their earliest but not later than 15 July 2020.

Upon its appointment, the Competent Person collected data and carried out customer risk analysis as required for the purposes of understanding the assets and liabilities of the bank. A controlled process for the return of customer funds was carried out on the basis of analysis conducted by the Competent Person upon submission of documentation by customers. The Competent Person also conducted customer reviews and where appropriate compiled and filed suspicious transactions reports (STRs) as required and responded to requests made by the relevant authorities including the FIAU and the Police.

Further information may be obtained by accessing the Authority’s webpage www.mfsa.mt. The Authority may also be contacted on Freephone number 80074924.

Any communication with the entity should be made through e-mail [email protected].

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Regulator Information

Abbreviation: MFSA
Jurisdiction: Malta

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