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AS "Industra Bank"

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:

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:

AS "PNB Banka"

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:

Baltic International Bank SE

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Taking account of the fact that the bank's licence for the operation of a credit institution has been withdrawn and liquidation proceedings have been initiated on the basis of a court judgement, the fine applied previously has been cancelled in accordance with the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:

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:

Type of infringement:
Breaches of requirements of the internal control system in the areas of lending and investments, violations of laws and regulations in the field of risk management of money laundering, terrorism and proliferation financing, including breaches of requirements of the internal control system.
Date:
26.03.2024
Status:
Contested
Sanctions applied:
A fine of 31 731 euro has been imposed on Viktors Bolbats, a former Chair of the Board of Baltic International Bank SE.
Related article:

Type of infringement:
Breaches of requirements of the internal control system in the areas of lending and investments.
Date:
26.03.2024
Status:
Contested
Sanctions applied:
A warning has been issued to Edgars Voļskis, a former Member of the Board of Baltic International Bank SE.
Related article:

Type of infringement:
Insufficient risk management of money laundering, terrorism and proliferation financing, as well as ensuring the effective operation of the internal control system, and breaches of requirements of the internal control system in the areas of lending and investments.
Date:
26.03.2024
Sanctions applied:
A warning has been issued to Anda Saukāne, a former Member of the Board of Baltic International Bank SE who was responsible for monitoring the field of the prevention of money laundering and terrorism and proliferation financing.
Related article:

AS "SEB banka"

Type of infringement:
The provisions of the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing (AML/CTF) and underlying regulatory as well as the Law on International Sanctions and National Sanctions of the Republic of Latvia and Council Regulation No 269/2014 and Council Implementing Regulation No 2018/1072 requirements had been violated.
Date:
19.12.2019
Status:
In force
Sanctions applied:
A fine of 672 684 euro for breaches of AML/CTF requirements and 1 121 140 euro for breaches of sanctions requirements imposed on the bank
Related article:

Akciju sabiedrība "Citadele banka"

Type of infringement:
The provisions of the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing (AML/CTF) and underlying regulatory had been violated.
Date:
29.04.2020
Status:
In force
Sanctions applied:
A fine of 647 070 euro for breaches of AML/CTF requirements imposed on the bank
Related article:

Akciju sabiedrība "Reģionālā investīciju banka"

Type of infringement:
The Bank, on certain occasions, had failed to comply with the regulatory obligation to verify the origin of financial resources.
Date:
05.11.2020
Status:
In force
Sanctions applied:
A fine of 473 076 euro.
Related article:

Type of infringement:
Violations of regulatory requirements regarding the prevention of money laundering and terrorism financing and shortcomings in the internal control system
Date:
12.12.2023
Status:
In force
Sanctions applied:
A fine of 259 867 euro
Related article:

Akciju sabiedrība "Rietumu Banka"

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:

Luminor Bank AS Latvijas filiāle

Type of infringement:
Breaches of the anti-money laundering and counter terrorism and proliferation financing regulatory requirements
Date:
23.08.2021
Status:
In force
Sanctions applied:
A warning
Related article:

AS "PrivatBank"

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:

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.

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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