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Monday, 12.05.2025, 09:43
Financial watchdog orders Latvian PrivatBank to pay EUR 2 mln fine
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The watchdog has also suspended the bank's board chairman, Olexandr Trubakov, and a board member, Iveta Kerpe, and ordered the council of PrivatBank to replace the entire board.
These penalties were slapped on PrivatBank as a result of the inspection carried out by FKTK following the so-called Kroll Report that was commissioned by the Moldovan central bank to examine banking transactions between 2012 and 2014.
The inspection established violations in screening of customers, documenting of information and monitoring of the customers' transactions. The bank had failed to identify several transactions as suspicious and report them to the Anti Money Laundering Service, FKTK said in a press release.
According to the information from the Latvian Association of Commercial Banks, PrivatBank is the 11th largest bank in Latvia in terms of assets. It assets totaled EUR 677.3 million at the end of September this year.
Ukraine's PrivatBank is a key shareholder of Latvia's PrivatBank.
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