LHV Pank in Estonia has today issued a press release to say that it intends to challenge a fine of €300,000 imposed on it by the FIU for breaching EU sanctions.
According to the press release the fines were imposed in relation to three incidents (two in 2022 and one in 2023) where the bank is accused of insufficiently rigorous due diligence and of permitting a transaction in breach of sanctions.
The press release does not state which sanctions regime the conduct relates to.
The bank says it takes regulatory compliance seriously and will challenge the fine in court.