Details were published January 17 of the ongoing liquidation of ABLV bank, which collapsed in the wake of a damning U.S. Treasury report in 2018.
The Latvian government has published the latest in its series of English-language financial sector updates as effforts continue to persuade the international community that Latvia's banking sector is no longer in the business of aiding money laundering and tax evasion.
President of Latvia Egils Levits had a meeting with new central bank governor Mārtiņš Kazāks January 6, using the occasion to to voice his confidence in the man who will also be Latvia's voice on the governing council of the European Central Bank.
SEB bank lost its hitherto clean record with the Latvian financial regulator December 20 when it was hit with penalties totalling nearly 1.8 million euros for failures in its anti- money laundering and sanctions systems.
Sweden's financial regulator announced December 18 it is launching "a sanction case in the investigation into Skandinaviska Enskilda Banken AB’s (SEB) governance and control of measures to combat money laundering in the bank’s subsidiaries in the Baltic countries."
Long-serving and controversial Latvian central bank governor Ilmārs Rimšēvičs gave a final presentation at the end of his 18-year tenure December 16. On 20 December 2001 Rimšēvičs was appointed governor of Latvijas Banka.
Latvia's financial regulator, the Financial and Capital Market Commission (FKTK) said December 12 that while it was helping to fully implement U.S, sanctions against Aivars Lembergs, it was also working to ensure any wider damage to the economy was minimised.
Economist Mārtiņš Kazāks will become the new governor of the Latvian central bank (LB) December 21 after his candidacy was approved by Saeima on December 12.
Latvia's Citadele bank announced December 11 it has agreed to acquire UniCredit’s leasing operations in the Baltics with its lease portfolio of more than 850 million euros.
Swedbank, the largest financial institution in the Baltic states, announced December 9 it was getting rid of its head of Baltic banking, in the wake of recent Swedish TV reports on failures in anti- money laundering safeguards from the bank's Estonian operations.
Latvia's financial regulator, the Financial and Capital Market Commission (FKTK) said December 6 it was imposing a 1.5 million euro fine on Baltic International Bank (BIB) "for deficiencies in the Bank’s internal control system."
As anticipated, on December 3 economist Mārtiņš Kazāks was put forward by the ruling coalition as its pick to become the next governor of the Latvian central bank, Latvijas banka (LB), reported LTV.
Economist Mārtiņš Kazāks emerged as the front runner in the race to become the next governor of the Latvian central bank (LB) according to LTV.
Four people are in the running to become the next head of the Latvian Central Bank - and by extension a member of the European Central Bank's governing council - when the mandate of the current governor, Ilmārs Rimšēvičs, comes to an end on December 21.
Swedish SEB bank released a statement November 26 in which it outlined some of its transactional data for Estonia in recent years, adding that since 2006 it "has taken considerable measures in order to minimize the risk of being exploited for money laundering in the Baltics."
Latvia has submitted a progress report to the Financial Action Task Force (FATF) on its efforts to crack down on money laundering, and related financial crimes, the Financial Intelligence Unit of Latvia (FIU) said November 20.
Swedish banks Swedbank and SEB have responded to new investigations by Swedish Television (SVT) which question the extent to which the banks may have been used to launder vast amounts of Russian cash and circumvent international sanctions.
Sweden's SEB bank issued a statement November 15 ahead of what may be fresh revelations about money-laundering at banks in the Baltic states.
The Consumer Rights Protection Center (PTAC) has fined non-bank credit lender "Latvijas Hipotēka", applying a 50 000 euro penalty and ordering them to cease the unfair business practices, according to LTV's Panorāma broadcast.
The Latvian financial sector was shaken in 2018 by the closing of ABLV Bank. Meanwhile ABLV Bank shareholder Ernests Bernis has spent enormous amounts of money in the past half year to lobby his interests in Washington DC, according to Latvian Television's De Facto broadcast.
After a brief hiatus, the regular update of attempts to reform Latvia's financial sector has returned November 6, complete with an introductory statement by the new head of the financial regulator.
On Thursday, 7 November, Latvijas Banka is issuing a silver collector coin "Freedom Fights (1918–1920)" dedicated to the Latvian War of Independence, the central bank announced October 31.
On Tuesday, October 22, the Saeima Budget and Finance (Tax) Commission approved the candidacy of Santa Purgaile to become the new head of Latvia's financial regulator, the Financial and Capital Markets Commission (FKTK), meaning that she is now just one vote away from being confirmed in the position.
The Latvan Central bank (Latvijas Banka, LB) is inviting members of the public to invest in a new coin designed to appeal to both numismatists and mycologists. In other words, coin collectors and fungus fans.
The nominee candidate to become the head of Latvia's financial regulator received approval from the Latvian cabinet October 8 - albeit after a week's delay - though the final decision on whether she is confirmed in the job will rest with the Saeima, reported LTV.
Plans to install a new financial regulator to oversee important reforms of the banking sector have been put on hold in an unexpected development October 1.
The US private equity giant Blackstone Group has finalized its €1 billion acquisition of a 60 percent stake in the Baltic bank Luminor.
The council of Latvijas Banka, the country's central bank, said September 26 it had approved amendments to its "Instant Links" service, a measure it said would promote "wider use of the Registry in innovative payment services."
After PNB banka folded in mid-August, its administrator has asked former clients to submit pay-out requests within three months. Rīga's municipal housing manager, Rīgas namu pārvaldnieks (RNP), is among these clients and there are questions whether €6m worth of homeowners' money deposited with the company will be returned, reported LTV's De facto September 22.
The open competition to find a new chief for Latvia's financial regulator - a crucial position giving the ongoing campaign to restore the credibility of the scandal-wracked sector - has concluded, with the winning candidate named.