Saturday , January 23 2021

Electronic money institution «Transact Pro» «dirty money» laundering / Article / LSM.LV fines for inadequate monitoring



The Financial and Capital Market Commission (FCMC) entered into an administrative agreement with Transmax Pro for a fine of 71.150 Euro, which defines the legal obligations for the improvement of the internal control system and for the notification of the board member Mark Moskvinam to the FCMC.

Since the fine and warning are appropriate in the Transact Pro audit, the FCMC has not established an internal control system to fulfill its operational risk in the field of monetary money laundering and terrorist financing. The Law on Prevention of Anti-Money Laundering and the Financing of Terror allows the violation of this Law and its secondary regulatory decisions.

While deciding on the signing of an administrative contract and the amount of the fines, the FCMC stated that Transact Pro has collaborated with the FCMC in the administrative proceedings, including the work on the implementation of measures to eliminate the identified violations and the implementation of measures to address the deficiencies.

In the administrative agreement, FCMC and Transact Pro have adopted other measures that the company undertook to fully comply with its deadlines to eliminate irregularities identified in the audit, to improve the internal control system and to improve the efficiency of its operations.


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