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Akciju sabiedrība "Rietumu Banka"

Type of infringement:
1) Breaches of AML/CTF law and FCMC regulatory requirements: weaknesses in customer due diligence and transaction monitoring that led to the situation that bank had been used to circumvent international sanctions requirements imposed against North Korea; 2) Failure to ensure effective functioning of internal control system.
Date:
17.07.2017
Status:
In force
Sanctions applied:
A fine of 1 324 667 euro. Warnings, issued to the AML/CTF responsible officials of the bank 1 566 604
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Type of infringement:
Violation of the provisions of the Credit Institution Law: for failure to submit and publish audited annual report
Date:
30.04.2019
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:
31.05.2022
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.
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AS "PNB Banka"

Type of infringement:
1) Breaches of AML/CTF law and FCMC regulatory requirements: weaknesses in customer due diligence and transaction monitoring that led to the situation that bank had been used to circumvent international sanctions requirements imposed against North Korea;
Date:
19.07.2017
Status:
In force
Sanctions applied:
A fine of 1 324 667 euro. Warnings, issued to the AML/CTF responsible officials of the bank
Related article:

Type of infringement:
Violation of the provisions of the Credit Institution Law: for failure to submit and publish audited annual report
Date:
14.05.2019
Status:
In force
Sanctions applied:
A fine of 4 260 euro
Related article:

Type of infringement:
Violations of the Law on International Sanctions and National Sanctions of the Republic of Latvia and the FCMCs regulation.
Date:
10.09.2019
Status:
In force
Sanctions applied:
Expresed a public announcement by indicating the nature of the violation.
Related article:

AS "Industra Bank"

Type of infringement:
Infringements of the Credit Institution Law and underlying regulatory requirements relating to the functioning of internal control systems on credit risk and internal governance.
Date:
08.11.2017
Status:
In force
Sanctions applied:
A fine of 889651 euro
Related article:

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:
25.05.2018
Status:
In force
Sanctions applied:
A fine of 455 822 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:
16.10.2018
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:
30.04.2019
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:
18.06.2019
Status:
In force
Sanctions applied:
Warning
Related article:

"Baltijas Apdrošināšanas Nams" Insurance Joint Stock Company

Type of infringement:
Breach of the provisions of the Insurance and Reinsurance Law: the insurance company has failed to publish the annual account along with the report of a sworn auditor and has not submitted to the FCMC the opinion of the sworn auditor prepared for the insurer
Date:
05.09.2017
Status:
In force
Sanctions applied:
Warning
Related article:

Ltd. "SEMFOPAY"

Type of infringement:
Breaches of AML/CTF law and FCMC regulatory requirements: weaknesses in customer due diligence and transaction monitoring
Date:
14.08.2018
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
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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:
16.10.2018
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:
30.04.2019
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:
05.10.2018
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:
25.07.2018
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:
13.11.2018
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:
21.12.2018
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:
30.04.2019
Status:
In force
Sanctions applied:
A fine of 4 260 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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