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.