trending Market Intelligence /marketintelligence/en/news-insights/trending/CLG2E3TcnMacH8n786zodg2 content esgSubNav
In This List

Latvia fines BlueOrange Bank over violations of anti-money-laundering laws

Podcast

Street Talk | Episode 94: Recessionary fears in ’22 overblown, Fed could overtighten

Blog

Insight Weekly: Ukraine war impact on mining; US bank growth slowdown; cloud computing headwinds

Blog

Investment Banking Essentials Newsletter April Edition - 2022

Blog

Banking Essentials Newsletter April Edition - 2022


Latvia fines BlueOrange Bank over violations of anti-money-laundering laws

Latvia's Financial and Capital Market Commission said Dec. 21 that it levied a 1.2 million fine on AS BlueOrange Bank over violations of laws against money laundering and terrorism financing.

The regulator said the breaches occurred between 2016 and 2017, and the bank also failed to identify and report suspicious transactions to relevant authorities.

The lender agreed to pay the fine but said it had sufficient documentation on customers' transaction, Reuters reported.

"Since 2017, we have improved our internal control systems ... We have significantly improved all these deficiencies," CEO Dmitrijs Latisevs told Reuters.

Latvia has been under fire for failing to tackle financial crimes, Reuters reported. Earlier in 2018, ABLV Bank was wound up after the U.S. accused it helped facilitate money laundering and breaches of sanctions against North Korea.