3 Latvian banks fined for compliance failure relating to DPRK sanctions

Latvia’s banking regulator has fined 3 Latvian banks, Regionala Investiciju Banka, Privatbank, and Baltikums Bank, for failing to prevent their clients from using them to circumvent sanctions on DPRK. The investigation was conducted in collaboration with the US Treasury and the FBI. The Latvian Financial and Capital Market Commission, said in a statement that “several customers of the banks, making...