Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2021
Rietumu Banka fined for money-laundering control failures
Fine or penalty
Latvia's banking watchdog fined Rietumu Banka 5.85 million euros for failures to vet clients and monitor them for money laundering and terrorist financing. The regulator stated that the fine followed inspections conducted in 2019 and 2020. The penalty relates to deficiencies in the bank's client due diligence and ongoing monitoring controls. The supervisory authority announced the fine as an enforcement measure addressing these compliance shortcomings.
Source excerpt
The fine on the bank, which mainly serves non-resident clients, is a result of inspections in 2019 and 2020, the watchdog said.
Latvia's Rietumu Banka has been fined 5.85 million euros ($6.96 million) for failure to vet its clients and monitor them for money laundering and terrorist financing, the country's banking watchdog said on Thursday.
2017
France Offshore tax-evasion case
The Paris Court of First Instance imposed an €80 million fine on Rietumu Banka in proceedings concerning France Offshore and alleged tax-evasion activity. The case related to conduct investigated in France from 2011 and predating the judgment. In 2021, the Paris Appeals Court reduced the potential fine by 75 percent.