The Bank of Italy is set to close Latvian lender AS PrivatBank’s Italian arm for violation of anti-money-laundering regulations.

The central bank said that the move was initiated after inspections carried out on the bank between 16 March and 6 April 2016 revealed “serious breaches of anti-money-laundering regulations with the risk that the irregularities could be repeated.”

The central bank has now barred AS PrivatBank from engaging in any new operations in the country.

However, the unit has been permitted by the central bank to enable its customers withdraw their savings or transfer them to other financial institutions.

AS PrivatBank has 13 branches in Latvia and one branch in Italy.

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