Latvian Minister of Finance Jānis Reirs on April 10 met with a key U.S. official who "praised the Government's efforts in straightening out the financial sector," according to a release frmo his Ministry.
Among banks who so far served non-resident customers in Latvia, there are banks who are considering leaving Latvia’s market and obtaining a banking license in another country, said Finance and Capital Market Commission (FKTK) chairman Pēters Putniņš in an interview with LETA.
The Latvian Central Bank on April 11 is issuing a coin called Cat's Mill and dedicated to the literary work of Kārlis Skalbe.
The chairman of Swedish banking giant Swedbank announced his resignation April 5 in the wake of an ongoing scandal involving allegations the bank was involved in large-scale money-laundering in the Baltic states.
The head of Latvia's financial regulator has launched a bitter attack on what it called "high public officials" whom it accuses of disseminating false information about its work.
The Council of Latvijas Banka, the Latvian central bank, said March 28 it had adopted several legal acts that would bring "new functionalities to instant payments in order to provide innovative financial services."
Latvia's financial regulator, the Financial and Capital Markets Commission (FKTK) voiced objections March 27 to an ambitious government plan to reform it functions as part of a general clean-up of the financial sector.
2018 was a successful year for most Latvian banks, notwithstanding the fact that the country's third-largest bank, ABLV, went into liquidation and prompted a massive regulatory crackdown.
Finance Minister Jānis Reirs on March 26 gave an indication of one of the key components of a major reform of the financial sector, with the introduction of a new and more transparent method of selecting a head of the national financial watchdog, the Financial and Capital Market Commission (FKTK).
Bubble Fibula or Garden of Destiny? Honey or Curonian kings? Such are the thought processes in which you will find yourself engaged should you choose to take up an invitation from the Latvian central bank (Latvijas banka, LB) to select your favorite coin of 2018 in a public vote.
The Board of Latvijas Banka, the country's central bank, has approved its financial statements for 2018. The figures say the central bank turned a profit of 14.6 million euros.
With the decrease in non-resident deposits, Latvian banks will have to start offering niche products, as the number of banks in Latvia is too big for the local market, said Pēters Putniņš, head of the Financial and Capital Markets Commission (FKTK), appearing on LTV March 19.
The head of Latvia's financial regulator, the Financial and Capital Market Commission is the subject of an extremely critical new story by Re:Baltica, the Baltic Center for Investigative Journalism.
Latvia's financial regulator, the Financial and Capital Market Commission (FKTK), released a bullish statement March 13 in which it said an assessment of new business models for former non-resident banks had been completed and, in the words of FKTK chairman Peters Putniņš: "There is no longer any reason to talk about the unrestricted flow of foreign currency that our national authorities would not be able to control."
A Russian court on March 11sentenced former Latvijas Krajbanka and Lithuanian bank Snoras' co-owner Vladimir Antonov to two-and-a-half years in prison for defrauding Russian bank Sovetsky.
Latvia's financial regulator, the Financial and Capital Market Commission (FKTK) said March 11 it was handing over the job of regulating PNB Banka - formerly known as Norvik - to the European Central Bank.
On March 7 Swedbank services went out of order, as it was impossible to withdraw money from Swedbank ATMs, internet banking went down, and it was impossible to pay by card at points of sale.
Latvia's financial regulator, the Financial and Capital Market Commission (FKTK) said March 7 it had finally approved the methodology for screening the customers of ABLV Bank, which collapsed a year ago, as part of its ongoing liqodation process.
The Financial and Capital Market Commission (FKTK) on Monday received the methodology for screening the creditors of ABLV Bank for the bank’s self-liquidation, which has finally been approved by the Latvian Office for Prevention of Laundering of Proceeds Derived from Criminal Activity (Control Service), FKTK spokeswoman Ieva Upleja said March 4.
Ilze Znotiņa, Latvia's top anti-money laundering official, is now optimistic over Latvia's abilities to introduce Council of Europe Moneyval's recommendations over anti-money laundering on time, she told LTV February 22.
Prime Minister Krišjānis Kariņš announced February 20 that he was giving officials just over one month to draw up "substantial" reforms to the anti- money laundering system currently operating in Latvia.
The Danish lender Danske Bank will close all of its banking activities in the Baltic countries and Russia.
Latvia is officially giving up on its former ambitions to become a regional financial hub, after the government on February 12 discussed Finance Ministry proposals to delete wording expressing such hopes from the country's Financial Sector Development Plan.
Last year 2.4 million flash payments worth €494 million were made in Latvia last year, the Bank of Latvia reported.
Retail bank Luminor announced February 4 it would be laying off around 800 members of staff in the Balic states during 2019, including 250 in Latvia.
The European Commission has approved the acquisition of sole control over Luminor Bank of Estonia by the United States-based Blackstone Group.
Latvia's ABLV bank, which is currently undergoing a liquidation process in the wake of allegations of massive money-laundering, has found a buyer for its Luxembourg subsidiary, the bank announced January 16.
Latvian banks have been consistently in the international headlines over the last year - often, but not always, for the wrong reasons - and with a major reform underway to try to turn around the sector's reputation, the financial regulator has unveiled a new, easy-to-read quarterly report to keep abreast of current trends. And it's available in English as well as Latvian.
Latvia's financial regulator, the Financial and Capital Market Commission (FKTK) announced a substantial fine December 21 against another of the country's banks.