LAT FCMC Fined Rigensis Bank

• FCMC fined Rigensis Bank AS €1mn, imposed legal obligations, warned board member.
• Rigensis infringed AML/CFT rules for internal controls and customer risk-related issues.

Violations

• Key controls related to customer due diligence, transaction monitoring found deficient.
• Identifying beneficial owner, customers' source of funds not established, documented.
• Assessment of customer risk, quality due diligence, documentation of results not done.
• Ongoing monitoring of customer through life-cycle not performed, did not address the risk of complex, large, unexplained transactions, properly document findings, results.
• Inadequately assessed shell corps that were banned, did not end relationships in time.

Outcome

• Apart from fine of €1,028,850, Rigensis to submit remediation plan to address failings.
• Have independent assessment conducted of internal controls, audit of customer base.