Market

Akciju sabiedrība "Reģionālā investīciju banka"

Sanctions

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:
26.06.2017
Status:
In force 
Sanctions applied:
A fine of 570 364 euro. Warnings, issued to the AML/CTF responsible officials of the bank
Related article:

Type of infringement:
Violations of the provisions of the Law on the Prevention of Laundering the Proceeds from Criminal Activity (Money Laundering) and of Terrorist Financing and FCMC regulations: deficiencies in customer-non-resident due diligence and monitoring of exposures
Date:
02.07.2014
Status:
In force 
Sanctions applied:
A fine of 70000 euro
Related article:

AS "PNB Banka"

Sanctions

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:

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:
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:
Breach of the Credit Institution Law – the bank failed to comply with FCMC requirements for crediting processes
Date:
02.03.2016
Status:
In force 
Sanctions applied:
Warning
Related article:

Type of infringement:
Violation of the Regulations on the Preparation of Public Quarterly Reports of Credit Institutions: Shortcomings in the published performance reports: Q1 and Q2 2014
Date:
07.11.2014
Status:
In force 
Sanctions applied:
Warning
Related article:

Akciju sabiedrība "LPB Bank"

Sanctions

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:

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:
In force 
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:
Violations of the Law on the Prevention of Laundering the Proceeds from Criminal Activity (Money Laundering) and of Terrorist Financing and the FCMCs regulatory requirements: deficiencies in the banks internal control system – insufficient customer due diligence and monitoring of transactions and violations of the Credit Institution Law
Date:
25.07.2016
Status:
In force 
Sanctions applied:
A fine of 305 000 euro imposed on the bank.
Related article:

Rigensis Bank AS

Sanctions

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:
10.07.2019
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:

Akciju sabiedrība "Rietumu Banka"

Sanctions

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:
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
Related article:

Type of infringement:
Violations of the provisions of the Law on the Prevention of Laundering the Proceeds from Criminal Activity (Money Laundering) and of Terrorist Financing and FCMC regulations: weaknesses in the internal control system – deficiencies in customer due diligence and monitoring of transactions
Date:
15.05.2015
Status:
In force 
Sanctions applied:
A fine of 35000 euro
Related article:

Type of infringement:
Violation of the provisions of the Credit Institution Law: inadequate reputational risk assessment of exposure to a customer
Date:
08.10.2014
Status:
In force 
Sanctions applied:
Warning
Related article:

"Baltijas Apdrošināšanas Nams" Insurance Joint Stock Company

Sanctions

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 insu
Date:
05.09.2017
Status:
In force 
Sanctions applied:
Warning
Related article:

AAS "BTA Baltic Insurance Company"

Sanctions

Type of infringement:
Relating to deficiencies in the internal control system in line with the provisions of the Law on Insurance Companies and Supervision Thereof (effective until 31.12.2015): for a failure to submit for harmonisation a plan for restoring the amount of own re
Date:
26.05.2016
Status:
In force 
Sanctions applied:
Warning
Related article:

Transact Pro

Sanctions

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:

JSC "LatCard"

Sanctions

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:

SIA "Baltic Payment Solutions"

Sanctions

Type of infringement:
Breaches of Law on Payment Services and Electronic Money and AM/CTF law and FCMC regulatory requirements: equity gap and weaknesses in customer due diligence and transaction monitoring
Date:
19.03.2018
Status:
In force 
Sanctions applied:
The provision of payment services has been suspended, except for the initiation of payments using the terminals located in the territory of Latvia for merchants and service providers registered in Latvia; a fine of 7280,70 euro imposed on the payment institution; a warning issued to the employee responsible for the AML/CTF Aleksandra Kuļbacka
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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