Malta luxury cards provider fined €373,000 for money laundering breaches

A membership-only credit card provider for ultra-rich spenders which has recruited former Labour minister Chris Cardona as an advisor, has been fined €373,670 over money-laundering compliance breaches. Malta’s Financial Intelligence Analysis Unit said Insignia cards, a ‘luxury lifestyle management group’ that caters for high-net-worth individuals, had failed to raise an…