LatviaThe Latvian Office for Prevention of Laundering of Proceeds Derived from Criminal Activity announced plans to adopt goAML software, a United Nations-developed system, that facilitates anti-money laundering compliance.
The Financial and Capital Market Commission of Latvia outlined technological developments and a new market regulation aimed at encouraging financial market participants to introduce innovative financial technologies, including contactless payments, biometric solutions and cloud computing services.
U.S. prosecutor pledges more ransomware seizures, China dismantles cryptocurrency laundering ring, and more, in the midweek roundup.
U.S. lawmakers want AML rules for lawyers and real estate agents, Justice Department plans more corporate prosecutions, and more, in the weekly roundup.
Weekly Roundup: Latvia Assesses Record AML Fine, Germany Failed to Probe Wirecard SAR, and More
Latvia Imposes Record AML Penalty
The Financial and Capital Market Commission (FCMC) issued a fine against the Riga, Latvia-based financial institution for infringements of anti-money laundering (AML), counterterrorist financing (CTF) and proliferation financing rules.
Latvia’s Financial and Capital Market Commission issued a €57,217 fine against the Riga, Latvia-based financial institution for its anti-money laundering and counterterrorist financing failures related to a weak internal controls system.
| 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 : 29/110 |
| Score : 4.61/10 |
| Rank : 42/179 |
| Score : 57/100 |
| Rank : 65/133 |
| Score : 59/100 |