Russian Commercial Bank fined for violating AML regulations
On November 29, 2017, Cyprus’s Russian Commercial Bank was fined €800,000 by Cypriot regulators for anti-money laundering violations that occurred through 2014. From approximately 2009-2012, the Russian Commercial Bank allegedly provided a shell company called Sandalwood Continental Limited with unsecured loans worth at least $650 million. Sandalwood was owned by Sergei Roldugin, a cellist, a childhood friend of Vladimir Putin, and the godfather to Putin’s daughter. These loans to Sandalwood were allegedly part of a larger scheme involving the sanctioned Bank Rossiya that was used to enrich individuals in Putin’s inner circle.

About This Incident

Threat Actors: Russia
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Incident Metadata

Date: 29-Nov-17
Country: Cyprus