Latvia’s financial watchdog said on Wednesday it had fined PrivatBank, the country’s 12th-biggest bank, 1 million euros ($1.1 million) for insufficient money-laundering controls.
The Financial and Capital Market Commission (FCMC) said in an emailed statement it had found a number of “serious faults in the internal control system in the area of anti-money laundering and terrorist financing at the bank.
PrivatBank used to serve mainly non-resident clients from Russia and other CIS countries. It is part-owned by troubled Ukrainian lender PrivatBank, which is being nationalized.
The full original article can be found at Reuters