The Lithuanian branch of Bank “Citadele” has received a warning from the Bank of Lithuania regarding the incorrect application of enhanced customer due diligence requirements in transactions with politically influential persons, the Central Bank of Lithuania announced on Friday.
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During the inspection, it was also established that in all cases, higher-level management approval was not received in order to start or continue relations with clients exposed to an increased risk of money laundering and terrorist financing, as well as deficiencies in the monitoring of such relations were found, informs the central bank.
Taking into account the nature and extent of the violations, as well as the measures taken by the bank both before and during the inspection to prevent them, the central bank issued a warning to the Lithuanian branch of “Citadele” bank and gave it time until the end of January 2024 to eliminate the remaining violations and shortcomings.
It has already been announced that the audited profit of “Citadele” bank in 2022 was 42.183 million euros, which is 42.3% more than in 2021. The bank’s assets at the end of 2022 amounted to 5.12 billion euros.
Bank “Citadele” has branches in Lithuania and Estonia.
According to the amount of assets, “Citadele” bank was the third largest bank in Latvia at the end of 2022. Its bonds are included in the list of debt securities of the “Nasdaq Riga” stock exchange. The bank’s shareholders are RA Citadele Holdings LLC, a subsidiary of the US investment company Ripplewood, and a group of international investors (75% plus one share), as well as the European Bank for Reconstruction and Development (25% minus one share).
2023-09-08 11:18:58
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