Estonia’s Financial Supervision Authority (FSA) has imposed a €900,000 fine on LHV Pank due to anti-money laundering and counter-terrorism financing (AML/CFT) shortcomings. The FSA identified deficiencies in LHV’s establishment and monitoring of business relations, as well as data storage obligations.
Additionally, the FSA has issued an order requiring LHV Pank to enhance its AML/CFT risk control systems. Kilvar Kessler, the head of the authority, suggested that LHV’s rapid growth in a high-risk environment may have contributed to these deficiencies and violations.
The FSA conducted an on-the-spot check to assess LHV Pank’s AML/CFT systems, internal rules, and compliance with the law. Shortcomings were found in the bank’s AML/CFT controls and business relations monitoring, particularly in managing additional risks associated with correspondent banking.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}