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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:

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:

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:

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:

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:

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:

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:

Akciju sabiedrība "LPB 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:

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:

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:

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:

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:

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.

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:

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:

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:

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:

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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