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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:
29.04.2019
Status:
In force
Sanctions applied:
A fine of 13 490 euro
Related article:
Sanctions imposed on several banks by the FCMC for the failure to submit and make the audited annual account public within the statutory term
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:
Warning issued to AS “Meridian Trade Bank” for breaches of large exposure limits

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:
Sanctions imposed on several banks by the FCMC for the failure to submit and make the audited annual account public within the statutory term
Type of infringement:
Infringements of the regulatory requirements regarding anti-money laundering and counter-terrorism and proliferation financing.
Date:
30.05.2022
Status:
Appealed
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:
FCMC imposes a fine and legal obligations on AS “Rietumu Banka”

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:
Sanctions imposed on several banks by the FCMC for the failure to submit and make the audited annual account public within the statutory term
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:
FCMC has entered into an administrative agreement with Signet Bank AS and reduced previously applied penalties

BluOr Bank 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:
A fine of 4 260 euro
Related article:
Sanctions imposed on several banks by the FCMC for the failure to submit and make the audited annual account public within the statutory term

AS Magnetiq Bank

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:
Sanctions imposed on several banks by the FCMC for the failure to submit and make the audited annual account public within the statutory term
Type of infringement:
Violations of regulatory requirements regarding the prevention of money laundering and terrorism financing
Date:
06.12.2023
Status:
In force
Sanctions applied:
A fine of 2 016 342 euro
Related article:
Latvijas Banka imposes a 2 million euro fine on AS LPB Bank upon concluding an administrative agreement

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:
Sanctions imposed on several banks by the FCMC for the failure to submit and make the audited annual account public within the statutory term
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:
21.07.2023
Status:
In force
Sanctions applied:
Taking account of the fact that the bank's licence for the operation of a credit institution has been withdrawn and liquidation proceedings have been initiated on the basis of a court judgement, the fine applied previously has been cancelled in accordance with the administrative agreement.
Related article:
FCMC imposes the 1.6 million euro fine and a number of legal obligations on JSC “Baltic International Bank”
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:
FCMC imposes a 5325 euro fine on Baltic International Bank SE for the failure to timely submit and make public the audited annual report
Type of infringement:
Violation of the internal control system requirements, infringements of the regulatory requirements regarding anti-money laundering and counter-terrorism and proliferation financing, violations if the field of lending and investments.
Date:
26.03.2024
Status:
Adopted by Supervision Committee of Latvijas Banka
Sanctions applied:
A fine of 31 731 euro on Viktors Bolbats, former Chair of the Board of Baltic International Bank SE, and a warning to Edgars Voļskis, Member of the Board, and Anda Saukāne, Member of the Board responsible for monitoring the field of the prevention of money laundering and terrorism and proliferation financing.
Related article:
Latvijas Banka imposes a fine on the former officials of Baltic International Bank SE

AS "PrivatBank"

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 9 585 euro
Related article:
Sanctions imposed on several banks by the FCMC for the failure to submit and make the audited annual account public within the statutory term
Type of infringement:
Breaches of the anti-money laundering and counter terrorism and proliferation financing regulatory requirements.
Date:
23.05.2022
Status:
In force
Sanctions applied:
A fine of 893 986 euro. The fine has been reduced as a result of contesting and appealing the decision of the Board of the FCMC upon entering into the administrative agreement between the Bank and the FCMC.
Related article:
FCMC has entered into an administrative agreement with AS PrivatBank and reduced previously applied fine
Type of infringement:
Failure to ensure an adequate and consistent risk culture and effective internal control system leading to infringements of the regulatory requirements regarding anti-money laundering and counter-terrorism and proliferation financing.
Date:
15.11.2021
Status:
Appealed
Sanctions applied:
A warning to Inga Rumba, the member of the board and the former acting chairperson of the board of AS PrivatBank.

AS "PNB Banka"

Type of infringement:
Violation of the provisions of the Credit Institution Law: for failure to submit and publish audited annual report
Date:
13.05.2019
Status:
In force
Sanctions applied:
A fine of 4 260 euro
Related article:
FCMC imposes a 4 260 euro fine on AS “PNB Banka” for the failure to submit and make public the audited annual report
Type of infringement:
Violations of the Law on International Sanctions and National Sanctions of the Republic of Latvia and the FCMCs regulation.
Date:
09.09.2019
Status:
In force
Sanctions applied:
Expresed a public announcement by indicating the nature of the violation.
Related article:
FCMC identified violations of the Law on International Sanctions and National Sanctions of the Republic of Latvia in the activities of JSC “PNB Banka”

Sabiedrība ar ierobežotu atbildību "Money Express"

Type of infringement:
Type of infringement Breaches of Law on AM/CTF law . - the internal control system in the AML/CTF area is not adequate to ML/TF risks inherent for its activities and customers and does not ensure efficient functioning in compliance with the provisions of the AML/CFT regulations, including weaknesses in transaction monitoring and customer due diligence
Date:
01.08.2019
Status:
In force
Sanctions applied:
A fine of 4472,82 euro imposed on the payment institution; a warning issued to the the member of the Board Nikolajs Timofejevs and employee responsible for the AML/CTF Diana Saprikina – Ivaņko.
Related article:
FCMC enters into an administrative agreement with the payment institution SIA “Money Express”, imposing a fine and issuing a warning to responsible persons

Rigensis Bank AS

Type of infringement:
Violations of regulatory requirements regarding the prevention of money laundering and terrorism financing (hereinafter – the AML/TF) related to the internal control system, customer base risks and their management.
Date:
09.07.2019
Status:
In force
Sanctions applied:
A fine of 1 028 850 euro and legal obligations imposed on the bank, a warning issued to R. Degro, the member of the Board responsible for the field of AML/TF
Related article:
FCMC applies a fine of 1 million euro to Rigensis Bank AS, imposes a number of legal obligations and issues a warning to a member of the Board

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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