Glitnor Group hit with €236,789 penalty for AML failures


The Financial Intelligence Analysis Unit (FIAU) has fined Glitnor Services Limited €236,789 for deficiencies in its operation including because it did not see the source of income of a number of players.

The FIAU made a review of the company’s operation and concluded that it did not carry out the review required by it regarding the risks linked to the same operation.

She said that her officers were not provided with risk assessment reports even if the company’s clients exceeded €2,000 in transfers.

The company admitted that it failed to obtain proof of the identity and residence of three customers within the 30 days established by law.

She promised that these shortcomings will not repeat themselves because she said that she made an automatic notification when customers deposit or withdraw €2,000.

The FIAU noted that the company also had eight players who had a medium risk. This is because she did not get direct information from them about their sources of income. It was also found that the company failed to scrutinize seven other players and to ensure that the money was coming from legal sources.

One of them deposited more than €3,000 in 38 transactions in nine days, including €800 in two consecutive days. The FIAU said that the company should have investigated this sudden increase especially when the client was new. Despite this the company failed to monitor him for the following 6 months and he managed to deposit €35,000, withdraw €25,000 and then lose €10,000 in 8 months.

Over a period of 13 months, another customer deposited €61,942 and lost €12,040. However, the FIAU said that the company did not see where he was getting the money from.

Another client deposited €12,100 with pre-paid cards in 3 months and did not get any winnings with FIAU saying that no assessment was made here either.

The FIAU also noted that another customer deposited €18,867 in two months with prepaid cards and e-wallet. In these two months he attracted €8,944 and lost €9,923 and although he came from outside the EU, no analysis was made on the source of the income. Another client deposited €15,200 and withdrew €711 in three months and his assessment was not carried out. Via TVM News.