Polish bank advises cardholder to stop ‘high risk’ transactions in Malta as of October 31

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A Maltese who has a bank account in Poland has been informed that he will no longer be able to use the bank, or the card in his account, for anything Malta-related as of October 31.

“I never imagined that Malta’s gray listing would have an effect on something so commonly used by many – if many international banks implement such a policy, it is going to have a major negative impact on our banking industry. tourism, ”said the man in Lovin Malta shortly after. receipt of the message from Getin Bank.

Getin Bank is part of Noble Bank SA and serves around 2.4 million customers worldwide. His post refers to Malta as a “high risk jurisdiction”.

In the message to the Maltese customer, the bank said:

“Have a nice day. In August we recorded activity on your card in Malta. Please note that from 31.10.2021 the use of your card in high risk jurisdictions will not be allowed. This is done to reduce the risk of money laundering and terrorist financing Greetings, Getin Bank.

Message from Polish bank Getin

“This is done to reduce the risk of money laundering and terrorist financing.”

The cardholder was taken aback by the sudden message, claiming that it was bringing the reality of being on the Financial Action Task Force (FATF) graylist to the fore.

It is not uncommon for banks to ask their customers to stop all financial transactions with “high risk” countries.

Malta has been graylisted by the FATF, a financial watchdog body, due to shortcomings in combating money laundering on the island following a two-year assessment. The government has since presented a plan to the FATF – but Malta is unlikely to be removed from the list before 2023.

Are you concerned about the financial setback due to gray lists?


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