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Estonia’s LHV Pank Fined €900,000 Over AML/CFT Failures

Money LaunderingEstonia's LHV Pank Fined €900,000 Over AML/CFT Failures

Estonia’s Financial Supervision Authority (FSA) has imposed a €900,000 fine on LHV Pank for 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. In addition to the fine, the FSA has ordered LHV to improve its AML/CFT risk control systems. The authority cited LHV’s rapid growth in a high-risk environment as contributing to the deficiencies and violations. LHV Pank is said to be cooperating and taking measures to address the issues, with the FSA closely monitoring the process.

 

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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