In carrying out the inspection, the FCMC found out violations of the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing (PML/TPF Law) and underlying regulatory enactments. The JSC “Aquarium Investments” IMC had not set up the internal control system in the money laundering and terrorism and proliferation financing area adequate to its operational risks that would ensure efficient functioning of internal control system in compliance with the provisions of the PML/TPF Law and underlying laws and regulations; besides, the JSC “Aquarium Investments” IMC had not carried out sufficient customer due diligence and transaction monitoring, had not obtained documents and information of the economic or personal activities of customers, including customer transactions to the extent to verify that they were not to be considered as suspicious.
When deciding on the administrative agreement and determining amount of the fine applicable, the FCMC took into account the fact that the JSC “Aquarium Investments” IMC had cooperated with the FCMC within the administrative case, including voluntarily committed to address identified infringements and had already undertaken remedial actions.
The administrative agreement contains the further actions that the JSC “Aquarium Investments” IMC has committed to fully implement within the specified timeframe in order to rectify weaknesses identified during the inspection, enhance the internal control system and increase the effectiveness of its functioning.
Financial and Capital Market Commission
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