Swedish Bank Penalized for Sanctions Violations
Latvia’s Financial and Capital Market Commission (FCMC) fined a Swedish bank more than $1.8 million dollars for anti-money laundering and sanctions violations, the FCMC said in a Dec. 20 press release. The bank, AS SEB banka, did not “fully” ensure…
Sign up for a free preview to unlock the rest of this article
Timely, relevant coverage of court proceedings and agency rulings involving tariffs, classification, valuation, origin and antidumping and countervailing duties. Each day, Trade Law Daily subscribers receive a daily headline email, in-depth PDF edition and access to all relevant documents via our trade law source document library and website.
its clients were not participating in money laundering activities, the press release said, and did not properly screen a customer for sanctions violations. After the violations, the bank “independently” improved its anti-money laundering compliance program, FCMC said. The agency also said the “risk level” of the violations were “low” and the bank followed through on the settlement agreement, which included two external audits, an improved “internal documentation” system and an improved information technology system to “monitor customer transactions.”