Is the Maltese banking system safe?

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x-casino
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Is the Maltese banking system safe?
« on: November 07, 2018, 12:34:51 PM »
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Satabank from Malta keeps the accounts of their clients frozen. Actually we are talking about Capital Controls here. You know that Satabank is used by many many igaming companies. As far as I know only Satabank is accepting igaming companies as clients and no other bank. That means that a number of bookmakers/casinos using Satabank are having their money frozen.

iGaming companies using Satabank's services are now pressing the Malta Financial Services Authority to find them an alternative banking solution.

I do not want to be a Cassandra, but I believe that several bookmakers and casinos, operating from Malta are having serious issues as we speak and I wonder when panicked spreads.
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MalleMax
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Re: Is the Maltese banking system safe?
« Reply #1 on: November 07, 2018, 03:51:44 PM »
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In german business newspaper stand today. "The bank was requested to hand over all customer data to the tax authorities."

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Re: Is the Maltese banking system safe?
« Reply #2 on: November 07, 2018, 05:28:18 PM »
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Pilatus bank, a Maltese bank at the heart of a money-laundering investigation has had its licence withdrawn by the European Central Bank yesterday.
Pilatus bank has been in the middle of investigation for trading with Iran. The owner of the bank is an Iranian national.
The Malta Financial Services Authority (MFSA), which regulates the country’s banking industry and granted Pilatus a licence in 2014, said the ECB had acted on its request to close the bank.
Pilatus bank is not known to service gaming operations.
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arbusers
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Re: Is the Maltese banking system safe?
« Reply #3 on: November 08, 2018, 12:59:53 PM »
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Sata bank is a problem for the gambling community but Pilatus is not.
Already I read some complaints about some delays, but I m not sure if these are due to the Sata bank's adventures or bookmaker's organic problems.
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arbusers
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Re: Is the Maltese banking system safe?
« Reply #4 on: November 08, 2018, 01:05:18 PM »
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Here is a statements that I found some minutes ago:

''The Malta Bankers’ Association (MBA) said there is nothing stopping clients of SataBank from contacting the MBA member banks to see if they are willing to on-board their business and the banks are entirely free to accept their custom.''

IMO this is not clear. Firstly because we dont know if we are talking about retail banking or igaming companies. Secondly because we dont know what is going to happen with the capital currently being parked in Sata bank.

One the other hand, much of the operating capital is in e-wallets like Skrill, Neteller and ecoPayz, and that capital could be used to serve the needs of clients for at least some days. Maybe the situation is not that bad in reality, and only some companies might be affected in corporate and not client's level.
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x-casino
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Re: Is the Maltese banking system safe?
« Reply #5 on: November 08, 2018, 01:06:53 PM »
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What is happening with agents/brokers boss?
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arbusers
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Re: Is the Maltese banking system safe?
« Reply #6 on: November 08, 2018, 01:17:23 PM »
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That is a good question. None of the 3 supported bookmakers are exposed in Malta or Sata bank.
I know that some bookmakers (not the 3) used Malta in the past but the MFSA pushed them away, and most of them relocated offshore. Also, the local regulator has not been welcoming to regulate new companies in the forex space for almost four years now. After new regulation of the crypto ecosystem, I assume that many companies of this ecosystem moved to Malta during the summer. But this is not to worry gamblers.
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JamesMiller
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Re: Is the Maltese banking system safe?
« Reply #7 on: March 13, 2020, 10:51:31 AM »
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The Maltese economy has been performing very well in the last few years
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