ABLV membership of banking association suspended
ABLV bank the Latvian lender at the center of serious allegations of money-laundering by the U.S. authorities has had its membership of the Association of Latvian Commercial Banks (ALCB) "temporarily suspended" the association said February 16.
Bank association responds to U.S. heat on ABLV
The industry body that represents most of Latvia's banks responded to the prospect of the country's second-largest bank - one of its own members - being frozen out of the dollar banking system by making the self-evident statement that using the banking system for "illicit activities" is unacceptable.
Baltic states centenary coin revealed
Latvia's central bank (LB) on January 29 revealed the design of a new special edition coin produced to mark the centenaries of the three Baltic states in 2018. 
11% more counterfeit banknotes and coins uncovered in 2017
Altogether 1,749 counterfeit banknotes and coins were discovered in Latvia in 2017, which is a growth by 11 percent from 2016, yet Latvia is still among the euro area countries with the lowest numbers of counterfeits, the Bank of Latvia said.
Report records Latvia's money-laundering history, calls for action
A substantial new report from Delna, the Latvian branch of Transparency International, outlines Latvia's history of association with large scale international money-laundering schemes and calls for tighter regulation of the market for trust and offshore companies, which frequently feature in Latvia-linked money laundering schemes.
Central banker on the defense in radio interview
Latvia's central bank governor, Ilmārs Rimšēvičs said January 16 he hoped tinkering with the tax system would now come to an end, saying it was "complex and difficult" for accountants and other financial professionals to adjust to new rules as Latvia switches from a flat-rate to a progressive tax system with training courses required to keep them abreast of the latest rules.
Norvik responds to Al Jazeera investigation
Latvia's Norvik banka has told LSM it follows all domestic and international rules on money laundering and client checking following a story from Al Jazeera earlier this week that alleged Norvik was one of three Latvian banks (the others being PrivatBanka and Baltic International Bank)  used in an elaborate large scale fraud involving Ukrainian oligarchs.
Moldova outlines Latvian banks' role in massive fraud
Moldova's national bank on December 21 released a second report into a billion-dollar fraud that caused a national crisis and appears to have involved more than one Latvian bank as a conduit for money-laundering.
Latvian banks join pan-European payment system

An instant payment system, RT1, run by EBA Clearing, a company established by European banks, went live 21 November 2017, with two Latvian banks involved, the Latvian central bank (LB) said in a statement.

Regulator vows to root out 'phantom' bank clients

Latvia's financial regulator, the Financial and Capital Market Commission (FKTK) has vowed to continue the battle against "phantom" clients in the country's boutique banking sector, often part of money-laundering schemes.

Anti-money laundering experts open Riga bureau

November 8 saw the opening in Riga of a pan-Baltic office (or "chapter" to use the official designation of the Association of Certified Anti-Money Laundering Specialists (ACAMS), an organization dedicated to improving the fight against illicit flows of cash - a problem that over the last decade has been a constant problem within the Latvian banking sector.

Former bank regulator joins bank board

Latvia's former top financial regulator, Financial and Capital Market Commission (FKTK) head Kristaps Zakulis, has been confirmed as a member of the board at Luminor Bank, the LETA newswire reported on Friday 13th October.

Massive Azerbaijan 'laundromat' scheme had a Latvian connection

The Organized Crime and Corruption Reporting Project (OCCRP) released fresh details September 4 of an alleged 2.9 billion dollar money laundering operation involving Azerbaijan's authoritarian leadership clan and bribes paid to European politicians, often using British-registered companies.

Banks make nearly €200m profit so far this year

Latvia's banks operated with a profit of nearly €200 million during the first seven months of the year according to data released August 29 by the Financial and Capital Markets Commission (FKTK).

Central bank touts new 'instant payment' capability

The Latvian Central Bank (Latvijas Banka, LB) said August 28 it had developed a system enabling banks to provide instant payment services to their customers: an opportunity to transfer money from an account in one bank to an account in another bank "within a matter of seconds on any day and at any time of the day."