Rietumu Banka was hit with the fine in 2017 following an investigation begun by French authorities in 2011. In addition to the €80m fine, Rietumu Banka was ordered to cease banking activities in France for five years. "The amounts the bank was sentenced to pay appear inflated and ungrounded based on the understanding of the French criminal law by the bank and its legal advisers," said Rietumu Banka. Rietumu Banka has previously made a €20m provision to cover the cost of the French fine and legal expenses. The move came after the United States accused the Baltic country's third-largest bank, ABLV, of "institutionalised money laundering" earlier in the year.

Source: Irish Independent April 04, 2019 01:32 UTC