21 Jul 2017
Latvian regulators fined two more lenders over involvement in attempts to circumvent international sanctions on North Korea, bringing the total to five banks fined with the investigation continuing.
Norvik Banka agreed to pay 1.3 million euros ($1.5 million) and Rietumu Banka will pay 1.6 million euros, the Financial and Capital Market Commission said Friday in a statement. The violations — between 2013 and 2014 for Norvik, and 2009 and 2015 for Rietumu — relate to due diligence and failure to gather sufficient information on transactions and beneficiaries, according to the statement.
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