Latvia Fines Rigensis Bank For Lax Anti-money Laundering Controls

No Comment 9 Views

Latvia’s financial watchdog has fined Rigensis Bank, the Baltic country’s 11th biggest bank by assets, 1 million euros ($1.1 million) for lax anti-money laundering controls, it said on Monday.

The Financial and Capital Market Commission (FCMC) said in a statement the fine was “for infringements of regulatory requirements regarding the prevention of money laundering and terrorism financing”.

Failures to verify beneficial owners and establish true origins of deposits were among the violations, it said.

Latvia has been hard-hit by financial sector scandals, such as the closure of bank ABLV last year after U.S. authorities accused it of institutionalised money laundering.

Read the original article here: nasdaq.com


Get headlines, breaking news, and jobs announcements delivered to your inbox. Sign up for our daily newsletter.

Share This Page
Industry Webinars
FEATURED Solutions