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Reload to refresh your session.You signed out in another tab or window.Home Business Business News Satabank Malta suspends USD transactions Bank informs clients it has suspended outward bank transfers in US dollars until further notice Print Version Satabank Malta, which opened its doors in March this year, on Wednesday informed its clients that it was ceasing to process outward bank transfers in US dollars (USD), MaltaToday has learnt.litecoin wallet with minerIn a letter sent to all its clients, the bank informed them that – until further notice – they would not be able to execute outward bank transfers in USD and that it was working “to solve the problem as soon as possible”.bitcoin is too complicatedEfforts to contact Satabank proved futile, but informed sources told MaltaToday that the matter may have been brought up in talks that prime minister Joseph Muscat held in New York, USA, last week over issues that also covered correspondent banking and custodian services affecting Maltese banks.

American banks are limiting their networks to the United States and cutting down channels to the EU, in a bid to render themselves only liable on intra-US transactions.But the shrinking network is making it harder for European banks to process American payments, and is also affecting Maltese banks, which would have to otherwise rely on other banks.All banks, especially smaller ones, depend on correspondent relationships with banks in other jurisdictions.Joseph Muscat visited New York with Finance Minister Edward Scicluna, Malta Financial Services Authority chairman Joe Bannister, and the Central Bank of Malta’s deputy governor, Sandro Demarco, on what was touted as being part of a drive to attract new business to Malta.MaltaToday was informed that Muscat was expected to market Malta as an alternative for US businesses hit by the Brexit effect and seeking to retain a European base.Satabank inaugurated its offices in St Julian’s on 11 March, employing 20 people, but with plans to increase its staff to over 100 within 24 months.

On 1 November, it became a corporate member of FinanceMalta, a membership-based, public-private initiative set up to promote Malta as an international financial centre.Paul Cocks joined MaltaToday after having spent years working in newspapers with The Times...More from Paul Cocks National National unity will require a change in culture an... National PD call on Prime Minister to bring amendments to P... National Anglu Farrugia reconfirmed speaker as Parliament o... World 140 feared dead after landslide in China National Updated | Archbishop warns MPs of 'seductive succe... Food Stuffed mussels with guanciale and breadcrumbs Food New potatoes in garlic and honey Food Meagre fillet fried in butter, marjoram and lemon National PN will vote in favour of gay marriage National [WATCH] PD MPs to be invited to Opposition parliam... National Bonnici edges Barbara by six votes to win MUT elec... Food Get your copy of Gourmet Today, out this Sunday wi... Court & Police Rejected asylum seekers have no legal means to lea... World Deadly London tower blaze began in Hotpoint fridge... Court & Police Two admit to robbing Gzira shop, five years after ...