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Ltd. "SEMFOPAY"

Type of infringement:
Breaches of AML/CTF law and FCMC regulatory requirements: weaknesses in customer due diligence and transaction monitoring
Date:
13.08.2018
Status:
In force
Sanctions applied:
A fine of 25 000 euro imposed on the payment institution, temporary suspension of the institution's operations, dismissal of members of the Board Guntis Zālītis un Andrejs Gailis
Related article:

AS "Industra Bank"

Type of infringement:
Violation of the provisions of the Credit Institution Law: for failure to submit and publish audited annual report
Date:
15.10.2018
Status:
In force
Sanctions applied:
A fine of 14200 euro
Related article:

Type of infringement:
Violation of the provisions of the Credit Institution Law: for failure to submit and publish audited annual report
Date:
29.04.2019
Status:
In force
Sanctions applied:
A fine of 13 490 euro
Related article:

Type of infringement:
Failure to comply with the provisions of Article 395 (1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation EU) No 648/2012
Date:
17.06.2019
Status:
In force
Sanctions applied:
Warning
Related article:

Akciju sabiedrība "LPB Bank"

Type of infringement:
Violations of the Law on the Prevention of Laundering the Proceeds from Criminal Activity (Money Laundering) and of Terrorist Financing and the FCMC's regulatory requirements: deficiencies in the bank's internal control system – insufficient customer due diligence and transaction monitoring
Date:
15.10.2018
Status:
Appealed
Sanctions applied:
A fine of 2 205 282 euro imposed on the bank, dismissal of members of the Board A.Kalveršs from the field of the AML/CTF compliance and issued a warning to him
Related article:

Type of infringement:
Violation of the provisions of the Credit Institution Law: for failure to submit and publish audited annual report
Date:
29.04.2019
Status:
Appealed
Sanctions applied:
A fine of 4 260 euro
Related article:

JSC "LatCard"

Type of infringement:
Breaches of AML/CTF law and FCMC regulatory requirements: weaknesses in customer due diligence and transaction monitoring
Date:
04.10.2018
Status:
In force
Sanctions applied:
A fine of 9825,26 euro imposed on the electronic money institution, dismissal of member of the Board N.Junele from the field of the AML/CTF compliance and issued a warning to her
Related article:

Nasdaq CSD SE

Type of infringement:
An infringement of Article 45 of the Regulation (EU) No. 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No. 236/2012
Date:
24.07.2018
Status:
In force
Sanctions applied:
Public announcement
Related article:

SIA ''Transact Pro''

Type of infringement:
Breaches of AML/CTF law and FCMC regulatory requirements: weaknesses in customer due diligence and transaction monitoring
Date:
12.11.2018
Status:
In force
Sanctions applied:
A fine of 71150,00 euro imposed on the electronic money institution, issued warning to member of the Board M. Moskvins
Related article:

BluOr Bank AS

Type of infringement:
The provisions of the Law on the Prevention of Laundering the Proceeds from Criminal Activity (Money Laundering) and of Terrorist Financing (AML/CTF) and underlying regulatory requirements had been violated.
Date:
20.12.2018
Status:
In force
Sanctions applied:
A fine of 1 246 798 euro
Related article:

Type of infringement:
Violation of the provisions of the Credit Institution Law: for failure to submit and publish audited annual report
Date:
29.04.2019
Status:
In force
Sanctions applied:
A fine of 4 260 euro
Related article:

Akciju sabiedrība "Rietumu Banka"

Type of infringement:
Violation of the provisions of the Credit Institution Law: for failure to submit and publish audited annual report
Date:
29.04.2019
Status:
In force
Sanctions applied:
Warning
Related article:

Type of infringement:
Infringements of the regulatory requirements regarding anti-money laundering and counter-terrorism and proliferation financing.
Date:
30.05.2022
Status:
Adopted by FCMC
Sanctions applied:
A fine of 5.27 million euro. The fine has been reduced as a result of contesting the decision of the FCMC Board, taking into account the investment made and planned by the Bank in the development of the internal control system.
Related article:

SB Resolution AS

Type of infringement:
Violation of the provisions of the Credit Institution Law: for failure to submit and publish audited annual report
Date:
29.04.2019
Status:
In force
Sanctions applied:
Warning
Related article:

Type of infringement:
Breaches of the anti-money laundering and counter terrorism and proliferation financing regulatory requirements
Date:
22.02.2021
Status:
In force
Sanctions applied:
A fine of 583 963 euro. The fine has been reduced as a result of contesting the decision of the Board of the FCMC upon entering into the administrative agreement between the Bank and the FCMC.
Related article:

Baltic International Bank SE

Type of infringement:
Violation of the provisions of the Credit Institution Law: for failure to submit and publish audited annual report
Date:
29.04.2019
Status:
In force
Sanctions applied:
A fine of 4 793 euro
Related article:

Type of infringement:
Violations of regulatory requirements regarding the prevention of money laundering and terrorism financing related to the internal control system, customer base risks and their management.
Date:
28.11.2019
Status:
Appealed
Sanctions applied:
A fine of 1 556 046 eiro imposed on the bank
Related article:

Type of infringement:
Violation of the provisions of the Credit Institution Law: failure to timely submit and publish the audited annual report.
Date:
15.08.2022
Status:
In force
Sanctions applied:
A fine of 5325 euro.
Related article:

How to become a market participant

In order to become a participant of Latvian financial and capital markets and commence business activities, a credit institution, an insurance company, a reinsurance company, an insurance broker, a credit union, an investment management company, an investment firm, an operator of regulated market, a pension fund, a payment institution, an electronic money institution, as well as an alternative investment fund manager shall obtain operating authorisation (licence).

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