Latvia's former top financial regulator, Financial and Capital Market Commission (FKTK) head Kristaps Zakulis, has been confirmed as a member of the board at Luminor Bank, the LETA newswire reported on Friday 13th October.
In the latest scandal to hit the Latvian banking sector, it appears a home-grown Latvian bank is being used to help send cash into the Russia-backed regime in Donetsk, eastern Ukraine, with the illegally-constituted local authorities having a say in how it is spent.
Luminor, the merged bank between DNB and Nordea, will open up October 1, bank representatives said September 20.
The Organized Crime and Corruption Reporting Project (OCCRP) released fresh details September 4 of an alleged 2.9 billion dollar money laundering operation involving Azerbaijan's authoritarian leadership clan and bribes paid to European politicians, often using British-registered companies.
The Latvian Central Bank is back with yet another collector coin, and this time it's GOLD!
Latvia's banks operated with a profit of nearly €200 million during the first seven months of the year according to data released August 29 by the Financial and Capital Markets Commission (FKTK).
The Latvian Central Bank (Latvijas Banka, LB) said August 28 it had developed a system enabling banks to provide instant payment services to their customers: an opportunity to transfer money from an account in one bank to an account in another bank "within a matter of seconds on any day and at any time of the day."
On July 21 it emerged that from 2009 to 2015 two more Latvian banks were used to channel funds to the North Korean dictatorship.
Swedbank Latvia earned €52m in the first half of 2017, similar to the bank's earnings in the same period last year.
Latvian banks last year submitted to the Latvian anti-money laundering (AML) authority, the Control Service, over 17,000 reports about suspicious transactions, the LETA newswire reported July 4.
Within two and a half years, the state-owned Altum finance institution has helped 5,700 families secure mortgages to buy housing, Latvian Radio reported on June 27.
The creditor should have the right to choose the administrator of an insolvency procedure, Mārtiņš Bičevskis, head of the Commercial Banking Association, told Latvian Radio Tuesday.
President Raimonds Vejonis said Tuesday that efforts to clean up Latvia's financial services sector must continue after the country signs up to membership of the Organization for Economic Cooperation and Development on June 2.
In an unprecedented move, Latvia's financial regulator the Financial and Capital Markets Commission (FKTK) has announced a major audit of the country's numerous boutique banks in an effort to reassure the US and EU that the sector is not awash with laundered money.
Moody's Investors Service has changed the outlook on the Baltic banking systems to stable from the previously negative outlook. Moody's anticipates that solid economic fundamentals will support credit growth, asset quality and profitability over the next 12 to 18 months, Baiba Melnace of the Association of Latvian Commercial Banks told LETA Friday.
In the first eleven months of 2014 total deposits in Latvia’s commercial banking sector grew by 1.5%, or €320.2m, according to data released by the Financial and Capital Markets Commission (FKTK) Monday.