LSM on 19th October reported that the Financial and Capital Markets Commission (FKTK) had imposed 2 fines on Latvian banks, one minor and one the largest it had ever imposed – a €2.2 million fine on LPB bank (formerly known as Latvian Postal Bank, for breaches of the AML/CTF regulatory provisions. It also instructed the bank to dismiss board-member, A. Kalveršs, from the field of the AML/CTF compliance and issued a warning to him. The regulator said it had repeatedly found several breaches indicating to serious deficiencies in the Bank’s internal control system in the AML/CTF field. The article details the apparent shortcomings. FKTK had already previously imposed sanctions on the Bank for identified breaches of AML/CTF regulations, as well as deficiencies in the Bank’s internal control system, and details the 2016 case involving Latvijas pasta banka, the bank’s former name.