Latvia: FCMC applies a fine of 1 million euro to Rigensis Bank AS, imposes a number of legal obligations and issues a warning to a member of the Board

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July 15 2019

The Board of the Financial and Capital Market Commission (FCMC) on 09.07.2019 decided to apply a fine of 1 028 850 euro to Rigensis Bank AS (hereinafter – the Bank) for infringements of regulatory requirements regarding the prevention of money laundering and terrorism financing (hereinafter – the AML/TF), as well as to issue a warning to Renārs Degro, the member of the Board responsible for the field of AML/TF. A number of legal obligations have been imposed on the Bank, including request to submit to the FCMC a plan of measures to address the identified irregularities and shortcomings, to have an independent assessment of the internal control system and a customer base audit within the specified deadline.