The decision was actually taken by the FKTK board on May 14 but not announced until May 17 on its Latvian website and May 20 in English.
The fine was levied due to "failure to prepare and submit an audited annual report for 2018 together with the report of the certified auditor within the time period specified by law, i.e. 1 April 2019. This infringes the requirement of the Credit Institution Law that a credit institution is obliged to draw up public statements within the specified time limit in order to inform the public about the activities of a credit institution and its financial indicators," FKTK said in a statement.
As previously reported by LSM, seven other banks also failed to ensure the preparation of the audited annual accounts and making them public by 1 April this year.
Explaining why PNB wasn't on the original list of transgressors, FKTK said: "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... providing information updates regarding the situation with respect to the preparation of the audited annual account and making it public," it added.
PNB Banka was formerly known as Norvik but changed its name last year. In July 2017 Norvik was fined more than a million euros by the financial regulator after being named by the Federal Bureau of Investigation as one of the Latvian banks used to channel funds to North Korea.