Market

AS "SEB banka"

Sanctions

Type of infringement:
Violations of FCMC regulations: breach of regulatory information systems security provisions applicable to the financial and capital market participants. Inability to ensure the limits imposed on using the ordinary internet banking authentication tool – a code card - within the set time limit (01.04.2017).
Date:
16.05.2017
Status:
In force
Sanctions applied:
Warning
Related article:

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:
20.12.2019
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:

AS BlueOrange Bank

Sanctions

Type of infringement:
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:
26.06.2017
Status:
In force
Sanctions applied:
A fine of 35 575 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:
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:

AS "PrivatBank"

Sanctions

Type of infringement:
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:
26.06.2017
Status:
In force
Sanctions applied:
A fine of 35 575 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 9 585 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 and underlying regulatory requirements had been violated.
Date:
13.09.2019
Status:
Appealed
Sanctions applied:
A fine of 1 019 319 euro imposed on the bank
Related article:

Type of infringement:
Infringements of the regulatory requirements regarding anti-money laundering and counter-terrorism and proliferation financing.
Date:
02.11.2021
Status:
Adopted by FCMC
Sanctions applied:
A fine of 768 653 euro and legal obligation to improve risk management culture and internal control system.
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:
16.11.2021
Status:
Adopted by FCMC
Sanctions applied:
A warning to Inga Rumba, the member of the board and the former acting chairperson of the board of AS \"PrivatBank\".
Related article:

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:
The Bank, on certain occasions, had failed to comply with the regulatory obligation to verify the origin of financial resources.
Date:
06.11.2020
Status:
In force
Sanctions applied:
A fine of 473 076 euro.
Related article:

Akciju sabiedrība "Rietumu 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:
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:
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:
15.06.2021
Status:
Adopted by FCMC
Sanctions applied:
A fine of 5.85 million euro
Related article:

AS "PNB 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;
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"

Sanctions

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:

Akciju sabiedrība "LPB Bank"

Sanctions

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:

Signet Bank AS

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:
Breaches of the anti-money laundering and counter terrorism and proliferation financing regulatory requirements
Date:
23.02.2021
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:

Baltic International Bank SE

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 4 793 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:
29.11.2019
Status:
Appealed
Sanctions applied:
A fine of 1 556 046 eiro imposed on the bank
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).

Learn more

Contacts


Address:
Kungu iela 1, Riga, LV-1050
Phone:
6 7774800
E-mail:
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