LATVIAN REGULATOR FINES REGIONAL INVESTMENT BANK FOR “IRREGULARITIES” IN DETECTING THE SOURCE OF FUNDS

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.

https://eng.lsm.lv/article/economy/banks/regulator-fines-regional-investment-bank-for-irregularities.a380925/

I had omitted the following link (as it did not seem to generate much interest!), but it seemed time to add it again and say that, if you would like to make a (polite) gesture and help me with my removal and computer costs, I have a page at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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