Friday , August 12 2022

Money Transparency Institute for Electronic Money penalties for insufficient monitoring of money laundering «dirty money» / article / LSM.LV


The Finance and Capital Markets Commission (FCMC) has concluded an administrative contract with Transmak Pro with a fine of 71,150 euros, defining legal obligations to improve the internal control system and warning member of the Board, Mark Mosquinam, FCMC.

Fines and warnings are appropriate because in the Transact Pro FCM review, the FCMC found that the financial institution did not establish an internal control system in place of its operational risk in the field of money laundering and terrorist financing, which would ensure the effective functioning of the internal control system in accordance with the criminal law Prevention Act money laundering and terrorist financing, which permits violations of this law and its bylaws.

During the decision to conclude the administrative contract and the amount of the fine, the FCMC noted that Transact Pro cooperated with the FCMC in an administrative case, including voluntary dedication to the elimination of identified violations and began work on the application of defect-fixing measures.

In an administrative agreement, the FCMC and Transact Pro agreed on further measures taken by the company to fully comply with deadlines in order to eliminate irregularities detected during the inspection, improve the internal control system and enhance the efficiency of its work.

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