Harju County Court has completely overturned the fine of 300,000 euros imposed by the Anti-Money Laundering Bureau (RAB) on LHV Bank in early May and closed the administrative offence proceedings against LHV Bank. LHV Bank ATM. Photo: Elmo Riig / Sakala / Shutterstock / Elu24 collaaž
Harju County Court has completely overturned the fine of 300,000 euros imposed by the Anti-Money Laundering Bureau (RAB) on LHV Bank in early May and closed the administrative offence proceedings against LHV Bank.
The court found no evidence of wrongdoing, the bank reported to the stock exchange. RAB has 15 days to appeal the decision of the Harju County Court.
RAB's proceedings concerned two cases from 2022 concerning bank due diligence measures and one case from January 2023, when, according to the bureau's decision, LHV Pank was required to submit, but failed to submit, a timely notification to RAB about the detection of a transaction in breach of a financial sanction and the application of a financial sanction. According to the bureau's decision, the deficiencies in the implementation of the law arose due to negligence.
LHV Pank stated that it takes compliance very seriously and has taken all necessary decisions to meet its due diligence obligations related to financial sanctions. The bank has filed a lawsuit regarding the punishment for the misconduct.