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Latvian Regulator Will Crack Down on High-Risk Banking Clients: Official

By Koos Couvée

Latvia’s financial regulator will over the next few months examine domestic banks and punish those that fail to assess shell companies, fiduciary trusts and foreign politicians as high-risk clients, a senior official told ACAMS moneylaundering.com. The new focus of on-site and desk-based supervisory reviews of Latvia’s 17 banks is one component of the government’s multipronged strategy to restore confidence in the Baltic nation’s financial sector after U.S. officials blacklisted its third-largest lender, ABLV, as a “primary money laundering concern” last month. Since 2015, the Latvian Financial and Capital Market Commission, or FKTK, has required domestic banks to segregate customers into...

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