Modest fines for Latvian banks that failed to file audited financial reports

Latvia's financial regulator said May 2 it had handed out fines to several banks guilty of not submitting audited financial reports on time.

In total seven banks missed the April 1 deadline - in some cases not for the first time - and received either a warning (with no financial penalty) and in other cases a fine. However, in all cases the fines are fairly small, with the largest being less than 14,000 euros.

Pēters Putniņš, the under-pressure chairman of the Financial and Capital Market Commission (FKTK) said the watchdog had taken into account that the situation for banks this year was "much more complicated" than previously because of anti-money laundering demands and the refusal of some auditing firms to cooperate with banks.

The list of penalties for failing to file accounts on time was as follows:

Rietumu Bank - warning, no financial penalty

Signet Bank - warning, no financial penalty

BlueOrange Bank - fined 4,260 euros

LPB Bank - fined 4,260 euros

Baltic International Bank - fined 4,793 euros 

PrivatBank - fined 9,585 euros

Meridian Trade Bank - fined 13,490 euros. (As recently as October 16, 2018, a fine of 14,200 euros was applied for not submitting and not publishing an audited annual report for 2017).

Therefore in total the seven banks flouting the rules were fined a total of 36,388 euros.

 

 

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