After a coordinated inspection, the financial supervisory authorities of Estonia, Latvia and Lithuania have concluded that the AML framework and internal policies of the bank Luminor need improvement.
In 2020, the authorities from the three countries had conducted simultaneous on-site inspections of Luminor AS. The inspections reviewed the degree of compliance of the bank’s AML/CFT systems and internal policies with the law.
The authorities have found that Luminor needs to specify in its AML procedures its method of assessment of whether it needs more AML resources. The bank must also improve its technology solutions in various AML/CFT structural units. Additionally, it must improve the quality of its data as well as its transaction monitoring system. Further, Luminor needs to ensure and invest sufficiently towards timely and high-quality customer due diligence.