Today, the Baltic supervisory authorities published the results of their routine AML on-site inspections carried out in Luminor last year.

Luminor is fully committed to preventing and detecting money laundering and financial crime. We have low risk appetite and our business model is targeted at serving predominantly residents of the Baltic countries, and customers who have a strong personal or business connection to the Baltic countries.

We review and improve our AML practices on an ongoing basis and are grateful to the supervisors for having carried out such a thorough inspection as such audits provide valuable input for the bank to enhance further its AML processes.  

We acknowledge the findings of the routine on-site inspection. The supervisors have highlighted areas of improvement within our internal processes and solutions, many of which we have already implemented and are committed to executing the remaining actions according to the plans we have submitted to supervisors. 

We were pleased to note that the findings also confirmed our low risk appetite and conservative business model.

FSA announcement here.