FCMC fines JSC “Meridian Trade Bank” and imposes several legal obligations

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Riga, 14.11.2017

Press Release 

FCMC fines JSC “Meridian Trade Bank” and imposes several legal obligations 

The Board of Financial and Capital Market Commission (FCMC) decided to apply a fine of 889 651 euro to the JSC “Meridian Trade Bank”. The penalty on the JSC “Meridian Trade Bank” was imposed for a failure to ensure adequate internal control functions in the area of credit risk management, identified by the FCMC.

In taking the decision on the amount of the fine the FCMC took into consideration the fact that the Bank had already undertaken actions to enhance effectiveness of its internal control system, as well as that the Bank had not been punished before for deficiencies in the internal control system. The fine applied to the JSC “Meridian Trade Bank” will be paid into the State budget.

Besides, the FCMC Board decided to impose legal obligations on the Bank, in order to prevent irregularities of a similar nature in the future and to eliminate deficiencies in the Bank’s internal control system in the area of credit risk management. 

In accordance with the FCMC decision the JSC “Meridian Trade Bank” is obliged to submit to the FCMC an action plan for addressing the infringements and deficiencies identified and to take the measures specified in the plan within the period prescribed.


Further information:

Agnese Līcīte

Public Relations Specialist 

Communications Division

Financial and Capital Market Commission

Phone: +371 67774808; e-mail: Agnese.Licite@fktk.lv 









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