Latvia's Financial and Capital Markets Commission on Thursday fined Rietumu Banka €5.9 million for a string of anti-money laundering violations, several of which stem from the lender's ties to domestic and foreign payment services providers. The regulator, or FCMC, said in a statement that inspections in 2019 and 2020 unearthed significant problems with the Riga-based bank's compliance and risk management systems, including insufficient resources and internal audits, an "incomplete internal regulatory framework in the field of AML and lack of customer due-diligence quality control." Rietumu, a major player in Latvia's notorious nonresident banking sector, failed to adequately assess the risks...
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.
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