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Latvia Fines Privatbank Unit for Anti-Money Laundering Weakness

Nov. 23, 2021, 3:27 PM

Latvia’s bank regulator fined Privatbank’s Latvian unit for violations of anti-money laundering rules, and ordered the lender to strengthen its internal control systems.

The Baltic country’s Financial and Capital Market Commission fined Privatbank’s 768,653 euros ($864,273) for “breaches of regulatory requirements in the field of anti-money laundering and combating terrorism and proliferation financing,” it said in a statement.

The fine came after a 2020 inspection by the commission at the bank, and included demands to come up with an action plan to address the deficiencies. The regulator also issued a warning to the former acting chairwoman of Privatbank.

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