The Estonian Financial Supervision Authority has assessed the due diligence measures of LHV Pank associated with the business line of servicing international financial intermediaries. The supervision authority determined that the bank has to enhance certain systems.
LHV Pank has already implemented activities to improve its processes: among other things, LHV has supplemented its internal procedure rules, increased the number of people engaged in compliance and improved the procedures for forwarding notices to the Financial Intelligence Unit. In addition, LHV will enhance its monitoring systems and improve data collection and management.
"Offering banking services to financial intermediaries is a fast-growing line of business that requires constant attention. It has been important for us to comply with all the requirements arising from the regulations, as well as supervisory expectations. We take the Financial Supervision Authority’s feedback as an important input and in cooperation we can further enhance the processes and procedures regarding financial intermediaries", said Kadri Kiisel, Chairman of the Management Board of LHV Pank.
LHV Group is the largest domestic financial group and capital provider in Estonia. LHV Group’s key subsidiaries are LHV Pank, LHV Varahaldus, and LHV Kindlustus. LHV employs over 520 people. LHV’s banking services are used by 264,000 clients, and pension funds managed by LHV have 180,000 active clients. LHV’s UK branch offers banking infrastructure to 140 international financial services companies, via which LHV’s payment services reach clients around the world.
LHV Communication Manager
Phone: +372 502 0786