On 8 November, LSM reported that the Financial and Capital Market Commission (FKTK) has said had decided to impose a fine of €473,076 on Reģionālā investīciju banka for “irregularities in detecting the source of funds, which were identified during a FKTK inspection in large value cash transactions carried out by the Bank’s high-risk clients from high-risk jurisdictions”. It is said that RIB “failed to ensure adequate risk management and was exposed to disproportionate reputational risk”. The inspection in question took place way back in 2019, with FKTK offering no explanation as to why it had taken so long to reach the point of issuing a penalty.
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