The Latvian Finance and Capital Market Commission (FCMC) has fined Norvik Banka with EUR 1.3 million and Rietumu Banka with EUR 1.56 million for violations, the commission reported.
FCMC in collaboration with the Federal Bureau of Investigation’s (FBI) Counterproliferation Centre has identified Latvian banks, Norvik Banka and Rietumu Banka which had not complied with the provisions of anti-money laundering and counter terrorist financing (AML/CTF) regulatory framework.
Violations relate to customer due diligence, including also transaction monitor...
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