Latvia fines two banks for circumventing N. Korea sanctions | NK News
NK News Logo
September 24, 2026Sep 24, 2026

Weapon Directory

News

Latvia fines two banks for circumventing N. Korea sanctions

The Latvian watchdog worked with the FBI and the U.S. Department of Treasury

Latvia’s Financial and Capital Market Commission (FCMC) has fined two local banks for due diligence failures which allowed North Korea to procure items that facilitated its weapons programs, according to a press release issued on Friday.

The country’s financial watchdog fined Norvik Banka $1.5 million and Rietmu Banka $1.8 million for their weak due diligence and transaction monitoring. Rietmu allowed transactions to occur for five years between 2009 and 2014, while Norvik Banka’s failures came between 2013 and 2014.

“(Several) customers of those banks, making use of off-shore companies and complicated chain transactions, transferred the funds from their bank accounts, to circumvent