Norvik bank changes its name to PNB
The latest change in Latvia's transforming banking sector came November 9 with retail bank Norvik announcing a name change. In future it will be known as "PNB banka".
Regulator hands out fines to two Latvian banks
Latvia's financial regulator, the Financial and Capital Markets Commission (FKTK) on October 19 announced fines to be paid by two Latvian banks. One was relatively minor, but another was one of the stiffest it has ever handed out.
Prime Minister writes opinion piece for Financial Times
Latvian Prime Minister Māris Kučinskis gained a byline in world-famous British newspaper The Financial Times September 30 with an opinion piece talking about government plans to tackle money-laundering and financial crime.
Anti-money laundering plan to be submitted to Saeima by June 2019
On 25 September, the Latvian government approved what it called a "comprehensive Action Plan" in response to the recommendations included in Moneyval’s recent evaluation of Latvia’s anti-money laundering system, which has been in sharp focus ever since ABLV bank's fortunes nosedived in the wake of money laundering accusations from the U.S. authorities.
Non-resident deposits down to 20% of total
The level of non-resident deposits (NRDs) in the Latvian banking sector continues to fall according to latest information released by the Financial and Capital Market Commission (FKTK), the industry regulator.
Blackstone takes billion-euro stake in Luminor bank
Luminor, a bank formed from the merging of the Baltic operations of DNB and Nordea, announced September 13 that it is selling a majority stake to a consortium led by private equity funds managed by investment company Blackstone.
New anti-money laundering Action Plan floated
The Financial Sector Development Council, a working group called by Prime Minister Māris Kučinskis in the wake of the ABLV bank scandal, on 11 September approved an action plan to strengthen Latvia’s anti-money laundering capabilities, and its ability to combat the financing of terrorism and weapons
proliferation, a statement from the government press office said.
Embattled Latvian central banker nominates stand-in
Bank of Latvia President Ilmārs Rimšēvičs has appointed his deputy Zoja Razmusa as his proxy to represent him on the European Central Bank (ECB) Council, the Latvian central bank’s spokesman Janis Silakalns told the LETA newswire September 10.
Regulator talks up money laundering crackdown
During a meeting with the European Parliament's Special Committee on Financial Crimes, Tax Evasion and Tax Avoidance (TAX3) delegation, Pēters Putniņš, Chairman of the Financial and Capital Market Commission (FKTK) talked up a "radical transformation of the Latvian bank business model" according to a statement released by FKTK September 5.
Central bankers to talk payments at annual conference
Latvia's central bank is to get back to basics and take a break from the corruption scandal that has sullied its name by concentrating on the everyday business of making payments at its annual conference next month.
Official newsletter offers updates on financial sector reform
It has not been the easiest year so far for Latvia's financial sector, to put it mildly. ABLV bank has gone into liquidation following allegations of money-laundering from the U.S., the central bank governor has been charged with corruption and officials have scrambled to introduce reforms to prevent the sector being frozen out of the mainstream financial trading systems.
Regulator calls for change in insolvency laws
When a bank becomes insolvent or undergoes liquidation, the Financial and Capital Market Commission (FKTK) should only revoke the bank's license - it should not have to also nominate the bank's insolvency administrator, the commission's chairman Peters Putnins told the LETA newswire July 16.
SEB to merge Baltic insurance businesses
Sweden's SEB is to combine its Baltic life insurance businesses into one company in order to simplify the organization's operation model, the banking organization said July 13.
ABLV bank has license revoked as liquidation continues
Latvia's financial regulator, the Financial and Capital Market Commission (FKTK) said July 12 the banking license of ABLV bank, which is currently undergoing a process of so-called "self-liquidation" had been cancelled by the European Central Bank.
Shell company crackdown is working, insists regulator
Following the introduction of legislation banning Latvian banks from doing business with "'shell companies" the proportion of accounts still held by such entities is very small, the Fianncial and Capital Market Commission (FKTK), Latvia's financial regulator, said July 3.
Regulator says some non-resident banks may leave the market
Since winter, there has been a significant outflow of non-resident deposits from Latvia, and the term "non-residents" should disappear in the Latvian banking sector in the future, Peters Putniņš, chairman of the Financial and Capital Market Commission (FKTK), said in an interview with Latvian Radio June 29. 
Bank wins fair trade award
In some much-needed good news for Latvia's banking sector, Swedish-owned SEB banka has won an annual Fair Trade Award for building its business and relations with employees, suppliers and partners on the basis of respect, honesty and sustainability.