February 19, 2018 / 3:58 PM / in 8 months

Latvia's ABLV Bank rejects claims of money-laundering, sanctions busting

RIGA (Reuters) - Latvia’s ABLV Bank said on Monday it had never violated sanctions, rejecting an assertion by the US Treasury Department’s Financial Crimes Enforcement Network (FCEN).

FILE PHOTO - A logo of the ABLV Bank is pictured in Riga, Latvia February 18, 2018. REUTERS/Ints Kalnins

“We don’t participate in any illegal activities,” Deputy CEO Vadims Reinfelds told a news conference. “There are no violations of sanctions.”

The bank said depositors had withdrawn around 600 million euros from the bank following the call by the FCEN for sanctions against ABLV, but that the bank’s liquidity and capital were at an adequate level.

Reporting by Gederts Gelzis; Editing by Peter Graff

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