Latvia fines Rigensis Bank for lax anti-money laundering controls
16 Jul 2019

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.

Rigensis Bank, which mainly serves non-resident clients from countries such as Russia and Belarus, did not immediately respond to a request for comment.

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.

The country will next year undergo a review by Moneyval, the money laundering and terrorism financing monitoring body of the Council of Europe, the continent’s main human rights watchdog.

Read more at Reuters

Advance your CPD minutes for this content, by signing up and using the CPD Wallet


You must be logged in to post a comment.

This site uses Akismet to reduce spam. Learn how your comment data is processed.