Fines for Anti Money laundering violations on surge in Latvia

Latvian banking watchdog has fined € 2.2 Million to LPB bank and 1.2 million to Blue orange bank over anti money laundering and terrorism financing rule violations on 19th and 21st December 2018.

Also, the Council of Europe’s anti-money laundering committee criticized Latvia heavily for failing to tackle financial crimes in their recent report.  The report came two months after Latvia’s banking regulator approved the liquidation of ABLV Bank, which U.S. authorities have accused of large-scale money laundering and facilitating the breach of sanctions against North Korea.

According to the banking watchdog the banks had not paid sufficient attention over customer’s transactions and it also had failed to ensure about the suspicious transactions which were to be identified and reported to the financial intelligence unit of Latvia.

Date: 21st December 2018

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