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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:
FKTK uzliek sodu maksājumu iestādei SIA “SEMFOPAY” un uz laiku aptur tās darbību

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:
FCMC applies a fine of 14 200 euro to AS “Meridian Trade Bank” for failure to submit and publish audited annual report
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 "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:
FCMC applies 2.2 million euro fine to JSC “LPB Bank” and issues warning to Board member
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:
Sanctions imposed on several banks by the FCMC for the failure to submit and make the audited annual account public within the statutory term

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:
FKTK noslēdz administratīvo līgumu ar e-naudas iestādi LatCard AS, piemērojot sankcijas un vienojoties par turpmākiem LatCard AS iekšējās kontroles sistēmas uzlabojumiem

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:
FCMC: Infringement at the Baltic States’ single Central Securities Depository Nasdaq CSD SE due to an Incident in the data center

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:
FCMC has entered into an administrative agreement with the electronic money institution SIA “Transact Pro” imposing a fine and a legal obligation on SIA “Transact Pro” to improve its internal control system as well as issued a warning to a board member

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:
FCMC and JSC “BlueOrange Bank” have entered into an administrative agreement, a fine of 1.2 million euro imposed
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

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:
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:
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

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:
28.11.2019
Status:
Appealed
Sanctions applied:
A fine of 1 556 046 eiro imposed on the bank
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

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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