Latvian watchdog fines Meridian Trade Bank over money laundering controls
31 May 2018

Latvia’s banking watchdog said on Friday it had fined Meridian Trade Bank, a financial firm serving residents in Latvia and Lithuania as well as some non-European clients, for breaching anti-money laundering rules.

Latvia has moved to clamp down on banks serving non-residents since the United States in February accused its third-biggest bank, ABLV, of money laundering, prompting its closure and triggering the country’s worst financial crisis in a decade.

Latvia’s Financial and Capital Market Commission (FCMC) said in a statement it had fined Meridian almost 456,000 euros after inspections at the bank last year uncovered shortcomings in its internal controls against money laundering.

Meridian, Latvia’s 13th biggest bank, said in a separate statement it had agreed to pay the fine and pledged to invest up to 1 million euros to bolster its anti-money laundering controls this year.

At least nine Latvian non-resident banks have previously been fined in connection with money laundering violations.

– By Gederts Gelzis, Reuters, 25 May 2018.

Link to Reuters.

Read more:

US seeks to sanction Latvian bank ABLV over money laundering

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2017 EU Anti-money laundering (AML) – Key developments

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