Violations of the Latvian banking sector (Part 1)
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&p[summary]=Currently gaps are not only in non-resident banking system, but violations are found as well in resident banks in...)
Currently gaps are not only in non-resident banking system, but violations are found as well in resident banks in Latvia.
During last year Financial and Capital Market Commission in Latvia have applied penalties to a lot of non-resident banks, but recently they have started penalize also resident banks in Latvia. Financial and Capital Market Commission have started a lot stricter control of Prevention of Money Laundering and Terrorist Financing in Latvia, since there is a lot of space of interpretation.
Financial and Capital Market Commission for Prevention of Money Laundering and Terrorist Financing in Latvia have applied penalty to biggest bank in Latvia in amount of 1.4 million euros. Financial and Capital Market Commission in Latvia have recognized several violations – bank have not payed enough attention to clients’ complicated, correlated transactions. This bank also did not timely gather enough information about clients’ activity and operations, in order to make sure that everything in legal.
From now on this bank in Latvia have decided to completely stop financial services to clients that are non-residents, as they increases the risk for Prevention of Money Laundering and Terrorist Financing in Latvia.
If you have any questions about violations of the Latvian banking sector, please do not hesitate to contact us at info@gencs.eu.