Papaya Ltd fined €279,756 in Malta over risk assessment and due diligence shortcomings

Papaya Ltd, an electronic money institution, must pay €279,756 after the Financial Intelligence Analysis Unit (FIAU) in Malta discovered failings in its anti-money laundering and counter-terrorist financing (AML/CFT) controls during a compliance review in 2020.

Papaya Ltd, an electronic money institution, must pay €279,756 after the Financial Intelligence Analysis Unit (FIAU) in Malta discovered failings in its anti-money laundering and counter-terrorist financing (AML/CFT) controls during a compliance review in 2020.