One month left for ABLV clients to claim compensation

Take note – story published 1 year and 5 months ago

The Latvian Central Bank (Latvijas Banka, LB) issued a reminder January 23 to former customers of ABLV Bank, AS, that they can apply for guaranteed compensation for just one more month, following the bank's liquidation.

"The Bank of Latvia informs that in accordance with Article 3, Part 4 of the Deposit Guarantee Law, those depositors of ABLV Bank, AS in liquidation, who have the right to receive the guaranteed compensation, but who until 23.02.2023 at 23.59 will not apply for it, with 24.02.2023. at 00.00 will lose the right of claim against the Deposit Guarantee Fund of Latvia for the payment of the guaranteed compensation," LB said.

More detailed information about the right to claim compensation and the application procudure is available here.

As previously reported by LSM, U.S. authorities on February 13, 2018 issued a "Section 311 finding" under the terms of the Patriot Act against the bank, a measure that grants the Secretary of the Treasury the authority, "upon finding that reasonable grounds exist for concluding that a foreign jurisdiction, institution, class of transaction, or type of account is of 'primary money laundering concern,' to require domestic financial institutions and financial agencies to take certain 'special measures' against the entity of primary money laundering concern."

The Latvian Finance and Capital Market Commission, acting on the instructions from the European Central Bank, ordered ABLV Bank to stop all payments as of February 19, 2018 and the bank went into a "self liquidation" process soon after, though court cases related to ABLV have rumbled on in the years since.

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