Latvia's Financial and Capital Market Commission (FCMC) has fined two local banks for due diligence failures which allowed North Korea to procure items that facilitated its weapons programs, according to a press release issued on Friday.
The country's financial watchdog fined Norvik Banka $1.5 million and Rietmu Banka $1.8 million for their weak due diligence and transaction monitoring. Rietmu allowed transactions to occur for five years between 2009 and 2014, while Norvik Banka's failures came between 2013 and 2014.
Latvia's Financial and Capital Market Commission (FCMC) has fined two local banks for due diligence failures which allowed North Korea to procure items that facilitated its weapons programs, according to a press release issued on Friday.
The country's financial watchdog fined Norvik Banka $1.5 million and Rietmu Banka $1.8 million for their weak due diligence and transaction monitoring. Rietmu allowed transactions to occur for five years between 2009 and 2014, while Norvik Banka's failures came between 2013 and 2014.
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