Bank of Italy to close AS PrivatBank branch over money-laundering breaches


August 9, 2016

The Bank of Italy said on Tuesday it had started proceedings to shut down the Italian branch of Latvian lender AS PrivatBank after finding breaches of money-laundering regulations.  The Bank of Italy said AS PrivatBank would not be allowed to carry out any further operations in the country beyond letting clients withdraw savings or transfer them to other banks.

The Italian central bank said it had taken the measures after inspections carried out between March 16 and April 6 this year.