The Latvian Finance and Capital Markets Commission has today announced a fine of €1.3 million against Norvik Banka and of €1.56 million against Rietumu Banka in relation to transactions related to circumvention of North Korean sanctions between 2013 and 2014 and 2009 and 2015 respectively.
Both banks have cooperated with the FCMC and have undertaken as part of administrative agreements to improve their internal compliance functions.