Latvia – bank fined €1.1m for Russian sanctions compliance failings

The Latvian financial services regulator (the FKTK) has fined SEB Bank €1.8 million, of which €1,121,140 related to shortcomings in the banks sanctions compliance.

The inspections leading to the fine had taken place in 2017 and 2018.

The failings are said to have been specific to the EU’s Russian sanctions in regulation 269/2014 (as amended).

The fine was stated to be for not screening for companies and other assets owned by designated persons.

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