Venezuela-probe firm cleared millions for clients to bypass banks, FIAU says

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October 1 2018

A Maltese wealth management firm suspected of being used in a high-profile money laundering scheme, has been fined €370,000 by the Financial Intelligence Analysis Unit over its scant due diligence on its politically exposed clients (PEPs).

Portmann Capital Management is contesting the fine after the financial regulator (MFSA) ordered that the company, owned by Swiss banker Kurt Portmann, ceases taking on new clients.