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Estonia’s FSA Imposes €900,000 Fine on LHV Pank for AML/CFT Shortcomings

Money LaunderingEstonia's FSA Imposes €900,000 Fine on LHV Pank for AML/CFT Shortcomings

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

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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