Latvia: FCMC applies a fine of 1 million euro to JSC “PrivatBank” and imposes a number of legal obligations

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September 18 2019

The Board of the Financial and Capital Market Commission (FCMC) on 13.09.2019 decided to impose a fine of 1 019 319 euro on JSC “PrivatBank” (hereinafter – the Bank) for violation of the regulatory requirements for the prevention of money laundering and terrorism and proliferation financing. The Bank is also subject to a number of legal obligations, including the submission to the FCMC, within the specified timeframe, an action plan for addressing breaches and shortcomings identified and carrying out an independent review of internal control system.