Reported by PYMTS

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has withdrawn its finding that ABLV Bank, AS is a financial institution of primary money laundering concern, because the bank no longer operates as a depository institution.

ABLV was a commercial bank located in Riga, Latvia, and FinCEN found it to be of money laundering concern in 2018, the regulator said in a Thursday (Sept. 26) press release.

“The bank is in the advanced stage of an irrevocable liquidation process supervised by the Government of Latvia, which ensures anti-money laundering/countering terrorist financing (AML/CFT) compliance,” FinCEN said in the release.

“Furthermore, Latvian authorities have undertaken significant efforts to identify and address past illicit activity facilitated by the bank, resulting in criminal charges against owners of the bank and its senior managers,” the regulator added. “As a result, FinCEN has determined that ABLV is no longer a financial institution of primary money laundering concern.”

Read full report: https://www.pymnts.com/aml/2024/fincen-says-ablv-bank-no-longer-of-primary-money-laundering-concern/

Read FinCEN 311 withdrawal: https://www.federalregister.gov/documents/2024/09/27/2024-22299/proposal-of-special-measure-against-ablv-bank-as-as-a-financial-institution-of-primary-money