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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Taking account of the fact that the bank's licence for the operation of a credit institution has been withdrawn and liquidation proceedings have been initiated on the basis of a court judgement, the fine applied previously has been cancelled in accordance with the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:
Appealed
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. The Council of Latvijas Banka has decided to uphold the penalty sanction without modification in the appeal process.
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:
In force
Sanctions applied:
A warning has been issued to Edgars Voļskis, a former Member of the Board of Baltic International Bank SE. The Council of Latvijas Banka has decided to uphold the penalty sanction without modification in the appeal process.
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:
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 in the field of anti-money laundering and countering terrorism and proliferation financing (AML/CTPF).
Date:
17.06.2021
Status:
In force
Sanctions applied:
A fine of 1.9 million euro. The previously imposed fine has been reduced in view of the fact that Latvijas Banka and AS Rietumu Banka concluded an administrative agreement on 22 November 2024, thereby ending the legal dispute between both parties. Furthermore, AS Rietumu Banka has, since 15 June 2021, addressed the infringements in its internal control system in the field of AML/CTPF.
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:
In force
Sanctions applied:
A warning to Inga Rumba, the member of the board and the former acting chairperson of the board of AS PrivatBank.
AS Magnetiq Bank
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:
Signet Bank AS
Type of infringement:
Breaches of the regulatory requirements regarding the prevention of money laundering and terrorism and proliferation financing
Date:
20.12.2024
Status:
In force
Sanctions applied:
A warning
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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