Finance Association says it has "zero tolerance" of sanctions-busting

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Following the announcement of sanctions by the U.S. Treasury against a Latvia-registered business, the country's main industry group of banks and other financial sector players has said it will have a "zero tolerance" policy towards any of its members caught breaking sanctions

The Finance Latvia Association said it has "has zero tolerance towards any attempt to evade targeted international financial sanctions."

"The Association supports clear and decisive actions of supervisory authorities to deal with any breach of regulatory obligations. We expect a comprehensive investigation so actions could be taken against individuals and legal entities who attempt to abuse or use the Latvian financial system for illegal purposes," it added.

Regulators are checking the links between the sanctioned company and individuals and any local banks through which they might have been conducting business. 

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