The Latvian Finance and Capital Market Commission worked with the Federal Bureau of Investigation (FBI) in order to identify three Latvian banks (Regionala Investicijù Banka, Baltikùms Bank, and Privatbank) that are now being fined a total of EùR 641,514 (USD $1,033,782.95) for non-compliance of Anti-Money Laundering (AML) and Counter Terrorist Financing (CTF) regulations.
Between 2009 and 2015, there were many incidences of customers using these banks to create offshore companies and complicated transactions to circumvent North Korean international sanctions.
The penalties against the banks are seen as preventative measures taken by the regulator, allowing the Latvian banks to improve upon their weaknesses and reassess any potential risks that violate AML and CTF regulations.
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