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LHV Bank will challenge the decision to impose a fine for violating sanctions

LHV Bank will challenge the decision to impose a fine for violating sanctions

The Estonian bank considers the decision to impose a fine of 300,000 euros unfair. This decision was made by the Estonian Financial Intelligence Unit after conducting an investigation into 3 episodes with settlements in 2022 and 2023.

In two cases, the bank failed to implement strict due diligence measures, and in the third, it late notified a transaction that violated financial sanctions. The financial intelligence team is confident that these incidents were caused by bank negligence.

Representatives of the bank, in turn, assure that they take compliance with the requirements during the audit very seriously and do not agree with the fine.

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