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Published: 26 july 2012 18:09

Latvia's SMP Bank told to remove shortcomings at its Lithuanian branch

Lietuvos banko būstinėje
Juliaus Kalinsko / 15min nuotr. / Bank of Lithuania headquarters

The Bank of Lithuania's board has asked Latvia's SMP Bank to eliminate a breach of legislation on money laundering and terrorist financing prevention that has been found during an inspection of the Latvian bank's Lithuanian branch, the central bank informs. The Latvian has until the end of November to make the changes.

The Bank of Lithuania said in a press release that it has informed the Latvian Finance and Capital Market Commission, which is responsible for the supervision of the branch, and Latvia's SMP Bank about the main results of the inspection and about certain areas of activities that raise concern to the Lithuanian central bank.

The Lithuanian Financial Crime Investigation Service has been informed about the results of the inspection in the area of money laundering and terrorist financing prevention, it says.

Latvia's SMP Bank formally registered its Lithuanian branch in early December 2010.

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