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 for continuing non-compliance with AML and CTF requirements. The regulator cited inadequate scrutiny of unusually large, complex and interrelated transactions lacking an apparent economic or lawful purpose.
Connection to the Moldovan bank-fraud investigation
The bank was named in investigations concerning the 2014 Moldovan bank-fraud scandal, alongside ABLV Bank and PrivatBank. It was fined €305,000 in relation to the matter.