FCMC has entered into an administrative agreement with the electronic money institution SIA “Transact Pro” imposing a fine and a legal obligation on SIA “Transact Pro” to improve its internal control system as well as issued a warning to a board member
The Financial and Capital Market Commission (hereinafter – the FCMC), SIA “Transact Pro” and Marks Moskvins have entered into the administrative agreement regarding the improvements to be made in the internal control system of the electronic money institution in order to eliminate deficiencies identified during an inspection carried out by the FCMC. The agreement stipulates also imposing a fine of EUR 71 150.00 on SIA “Transact Pro” and issuing the warning to Marks Moskvins, the Board Member responsible for the supervision of combating money laundering and terrorist financing (AML/CTF) issues.
The fine and warning have been applied because in the inspection of SIA “Transact Pro” the FCMC found out that the financial institution had not set up the internal control system in the AML/CTF area adequate to its operational risks that would ensure efficient functioning of internal control system in compliance with the provisions of the Law on the Prevention of Money Laundering and Terrorism Financing, thus allowing infringements of the Law and underlying regulations.
When deciding on the administrative agreement and determining the amount of fine applicable, the FCMC took into account the fact that SIA “Transact Pro” had cooperated with the FCMC within the administrative case, including voluntarily committed to address identified infringements and launched work on the implementation of measures necessary to remedy deficiencies.
Under the administrative agreement the FCMC and SIA “Transact Pro” have agreed on the further actions that SIA “Transact Pro” has committed to fully and timely implement 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 Division
Phone: +371 67774808, +371 67774807