Latvian regulator fines Meridian Trade Bank 455,000 euros

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May 25 2018

Latvia’s financial regulator, the Financial and Capital Market Commission (FKTK) said May 25 it had “entered into an administrative agreement” with Meridian Trade Bank, imposing legal obligations and a fine of 455,822 euros for anti- money laundering failures.

The deal between bank and regulator “was concluded in order to put an end to the administrative case, which was proposed by the FKTK after an on-site inspection of Meridian Trade Bank from March 27, 2017 until 22.06.2017,” FKTK said in a Friday afternoon press release.