HALISTER1: Latvia Fines 3 Banks Over North Korea Sanctions Violations

Latvia Fines 3 Banks Over North Korea Sanctions Violations

(Bloomberg) -- Baltikums Bank, Privatbank and Regionala Investiciju Banka agree to pay fines for violations relating to due diligence, transactions monitoring and beneficiaries of funds circumventing sanctions imposed against North Korea, it says in statement.
  • “From 2009 to 2015, on several occasions, several customers of those banks, making use of offshore companies and complicated chain transactions, transferred funds from their bank accounts to circumvent international sanctions requirements imposed against North Korea.”
  • Baltikums Bank and Privatbank agreed to fines each of EU35,575
  • Regionala Investiciju Banka agreed to fine of EU570,364 and warning to officials responsible for anti-money laundering, counter-terrorist financing
  • FBI and U.S. Treasury provided assistance and information on violations
To contact the reporter on this story: Aaron Eglitis in Riga at aeglitis@bloomberg.net To contact the editors responsible for this story: Balazs Penz at bpenz@bloomberg.net Andrew Langley, Andras Gergely

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Source: BFW (Bloomberg First Word)

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