LAT FCMC Fined Rigensis Bank

On 15 July 2019 , LAT FCMC fined Rigensis Bank €1mn, issued warning.

  • 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.


  • 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.


  • 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.