In the course of the controlled voluntary liquidation of ABLV Bank the FCMC has been cooperating with the U.S. authority of direct liaison ¬– FinCEN, in order to ensure a regular exchange of information on current measures, as well as agree on progress in line with the customer screening methodology.
FCMC Chairman Pēters Putniņš: “We have had an exchange of information on the development of methodology or the first phase, in which compliance with the requirements of all laws and regulations in the field of the prevention of money laundering and terrorism financing was to be ensured, as well as the establishment of the necessary infrastructure for the implementation of such control system. During this meeting, we discussed in detail the next phase – how exactly the methodology will be applied in the customer screening process. We have gained confidence that there are no significant obstacles and now we can move forward in the ABLV Bank voluntary liquidation process in line with the model approved by the FCMC. Our negotiations were very constructive, without reservations from colleagues. Such negotiations were necessary in order to enhance assurance to all the institutions involved that the Latvian party has prepared qualitatively for checking ABLV Bank creditors’ funds and launching the pay-out phase.”
According to official information released by FinCEN, the FCMC and FinCEN representatives had a productive meeting to discuss the status of ABLV Bank’s liquidation monitored by the FCMC. FinCEN representatives highly appreciated the presentations by the FCMC demonstrating their opinion.
Chronology of developments:
• 13.02.2018, the U.S. Department of the Treasury issues Proposal of Special Measures Against ABLV Bank, AS as a Financial Institution of Primary Money Laundering Concern;
• 19.02.2018, acting on the instructions from the European Central Bank (ECB) the FCMC decided on imposing restrictions on ABLV Bank payment transactions;
• 23.02.2018, the FCMC adopts a decision on an occurrence of unavailability of deposits at ABLV Bank;
• 03.03.2018, Citadele Bank launches the pay-out of state-guaranteed compensations to ABLV Bank customers;
• 05.03.2018, the decision of ABLV Bank shareholders’ meeting on voluntary liquidation and proposed liquidation plan are submitted to the FCMC;
• 12.06.2018, the FCMC permits ABLV Bank to implement the voluntary liquidation plan proposed by ABLV Bank under control of the FCMC;
• 11.07.2018, ECB has adopted a decision to withdraw the authorization of ABLV Bank;
• 06.03.2019, the Board of FCMC approves the methodology for screening the customers of ABLV Bank, AS (in liquidation) submitted by the liquidators; the methodology has also been approved by the Office for the Prevention of Laundering of Proceeds Derived from Criminal Activity (Control Service).
More information available at: “Tasks for the FCMC in control of ABLV Bank, AS voluntary liquidation process“:
Head of Communications Division of the FCMC
Phone: +371 67774807; +371 67774808
More about the FCMC:
www.fktk.lv, www.klientuskola.lv, Twitter.com/FKTK_LV