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Friday, 26.04.2024, 19:21
Branch of Latvian PrivatBank in Italy closed over money-laundering breaches
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The Bank of Italy said PrivatBank would not be allowed to carry out any further operations in the country beyond letting clients withdraw savings or transfer them to other banks.
The Italian central bank said it had taken the measures after inspections carried out between March 16 and April 6 this year.
The inspections showed "serious violations of money-laundering regulations with the risk the irregularities could be repeated," the Bank of Italy said.
As reported, the Latvian Finance and Capital Market Commission in December 2015 decided to impose a more than EUR 2 mln fine on the bank and ordered it to replace its board because the board members had for a long time permitted numerous large transactions in violation of several regulations. As a result, the bank was involved in the transactions that have created for it increased risks of the loss of reputation, money laundering and terrorism financing.
PrivatBank, 46% owned by Ukraine's PrivatBank, was set up in Latvia in 1992 with 13 branches in Latvia and one in Italy.
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