Saeima appoints Purgaile to Latvian financial regulator position

On Thursday, October 24 Santa Purgaile was appointed as the new head of Latvia's financial regulator, the Financial and Capital Markets Commission (FKTK). Purgaile was officially approved by a decisive parliamentary vote with 55 members of parliament voting for, four voting against and 21 abstaining.

As previously reported by LSM, Purgaile received the highest evaluation in the open competition for the position organized by and approved by the Cabinet of Ministers.

Purgaile is currently the Corporate Customer Service Director of AS Citadele Banka and co-chairman of the Credit Committee of the Latvian Financial Association, having previously worked for AS SEB Banka. She holds a Master's degree in International Economics and Business. 

In line with amendments to the Law on the Financial and Capital Markets Commission adopted by the Saeima in June this year, the FKTK chief will be appointed for a five-year term. The job is one of the most important and high-pressure positions in the country with Latvia making a concerted effort to replace its previous reputation as a global money-laundering hub with a new image as an example of financial probity and tight regulation.

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