Latvian bank penalized for not meeting anti-money laundering requirements

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July 26, 2016

Latvijas Pasta Banka is the latest commercial bank in Latvia to be penalized for failing to comply with anti-money laundering and counter-terrorism financing legislation, the national banking regulator informed Monday.

The regulator, the Financial and Capital Market Commission, slapped a fine of 305,000 euros (335,271 U.S. dollars) on the bank, taking into account the bank’s financial performance and the management’s admittance of flaws in the bank’s internal control system and promises to deal with them.