In accordance with the Credit Institution Law a credit institution shall submit an audited annual account to the FCMC within a period of 10 days following the receipt of the auditor’s report; however, not later than by 1 April of the year following the reporting year, and by 1 April shall also make the relevant account public.
Several banks had failed to ensure the preparation of the audited annual accounts and making them public by 1 April this year. The FCMC requested additional information regarding the circumstances of failure to meet legal requirements and assessed the state of affairs of each bank on an individual basis, applying a relevant sanction. The process of assessment of AS “PNB Banka’s” infringement took longer as this bank has been subject to direct supervision of the European Central Bank (ECB).
When determining the amount of the penalty it was taken into account that AS “PNB Banka” had cooperated with the FCMC, providing information updates regarding the situation with respect to the preparation of the audited annual account and making it public.
Sanctions on other banks, that had not timely submitted and made public their audited annual accounts, were imposed on 30 April 2019. http://www.fktk.lv/en/media-room/press-releases/7624-sanctions-imposed-on-several-banks-by-the-fcmc-for-the-failure-to-submit-and-make-the-audited-annual-statement-public-within-the-statutory-term.html
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