LatviaThe Council of Europe’s Group of States Against Corruption published its Compliance Report on the Fifth Round Evaluation Report concerning Latvia’s effort to prevent corruption and promote integrity in law enforcement agencies and central governments, also referred to as top executive functions.
The Financial and Capital Market Commission of Latvia issued a press release highlighting the 12 inspections of banks it carried out in 2020 with respect to anti-money laundering, counterterrorist financing and non proliferation financing compliance.
EXCLUSIVE: Latvian Disciplinary Cases Reveal Internal Battles Over AML Supervision
Two former Latvian regulators whom were targeted with disciplinary proceedings after pushing for tougher AML enforcement and supervision recently discussed their cases with ACAMS moneylaundering.com.
Cryptocurrency industry slams U.S. plan to broaden reporting requirements, China AML-related fines tripled in 2020, and more, in the midweek roundup.
Lockdowns, Legal Changes and Leak Fatigue: the Year in AML
Latvia’s Financial and Capital Market Commission issued a €473,076 fine against the Riga, Latvia-based financial institution for its anti-money laundering failures, particularly related to customer due diligence.
The Financial and Capital Market Commission of Latvia fined the Riga, Latvia-based bank €906,610 for breaches of the anti-money laundering, counterterrorism and proliferation financing regulatory requirements.
| Technical | Effectiveness |
|---|---|
| Compliant : 7 | High : 0 |
| Largely Compliant : 33 | Substantial : 1 |
| Partially Compliant : 0 | Moderate : 8 |
| Non-Compliant : 0 | Low : 2 |
Latvia's technical compliance was re-rated in a Jan. 22, 2020 follow-up report
| Rank : 97/141 |
| Score : 4.62/10 |
| Rank : 44/180 |
| Score : 56/100 |
| Rank : 65/133 |
| Score : 59/100 |