Magnetiq Bank controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2018
Anti-money-laundering and counter-terrorist-financing deficiencies
Latvia’s Financial and Capital Market Commission fined the bank €2.2 million, described as 10% of turnover, for continuing compliance failures. The regulator cited insufficient scrutiny of unusually large, complex and interconnected transactions without an apparent economic or lawful purpose.
2014
Moldovan bank fraud investigation
The bank was named in investigations relating to the 2014 Moldovan bank fraud scandal. It was mentioned together with ABLV Bank and PrivatBank and was reported to have received a €305,000 fine connected with the matter.