Banking woes

13th February 2019 • February 2019, Newsletters

It is unfortunate to have to recognise that practitioners continue to face problems in their dealings with banks in Malta.
Many are refusing to open bank accounts for corporate customers coming from abroad or taking an are inordinate length of time to process requests and provide banking services.
In many cases, the root cause is a de-risking exercise by the banks. The result is, unfortunately, a problem for international business on the islands, and a weight upon those practitioners who provide services to clients of this sort.
The IFSP has been engaging with both the the authorities and the banks in search of a solution. This is a very serious problem for practitioners, and one that requires a fast resolution. It has been exacerbated by the current regulatory action currently under way vis-a-vis SATA Bank and the damage caused to Malta’s reputation which makes solutions difficult to achieve.
Despite this, the IFSP will continue to push the banks and the authorities to look for resolution