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. 
Deposits in Latvian banks decrease 11% in first quarter
The Association of Latvian Commercial Banks (ALCB) has produced a summary of the financial trends in the banking sector during the first quarter of 2018 - a period of considerable developments caused by the collapse of ABLV bank and a subsequent scramble to clean up the non-resident banks. As a result, there are some eye-catching statistics among the data.
Shell company accounts in decline in Latvian banks
The number of so-called "shell companies" - corporate entities designed simply to carry out complex financial transactions, often as part of money-laundering schemes - doing business via Latvia banks is in sharp decline, Latvia's financial regulator said June 5.
Regulator treading water on ABLV liquidation plan
Latvia's financial regulator, the Financial and Capital Markets Commission (FKTK) has still not decided whether or not to accept a self-liquidation plan proposed by ABLV bank three months ago, reported LTV June 1st.
Regulator fines Meridian Trade Bank 455,000 euros
Latvia's financial regulator, the Financial and Capital Market Commission (FKTK) said May 25 it had "entered into an administrative agreement" with Meridian Trade Bank, imposing legal obligations and a fine of 455,822 euros for anti- money laundering failures. 
Non-resident banking market shrinking substantially
Non-resident deposits in Latvian banks shrank by 27.1 percent or EUR 2.185 billion in the first quarter of this year to EUR 5.869 billion at the end of March, the Financial and Capital Market Commission said May 21, according to the LETA news agency.
Watch: Banking sector clean-up group has its first meeting
The first meeting of a new "cooperation group" aimed at restoring the battered reputation of Latvia's banking sector met on May 9 and the government office has now released a video, with English subtitles, of the press conference held immediately afterwards, which can be viewed above.  
Rietumu assets down 28% in first quarter as bank reforms bite
Rietumu bank has published its annual report for 2017, which paints a rosy picture of the situation during last year. However, notes attached to the report, compiled by auditors KPMG, show that the impact of threatened U.S. action against Latvia's boutique banking sector, and a subsequent clampdown by Latvian authorities following the collapse of rival ABLV bank are having a major impact among the banks that traditionally service overseas clients during the early part of 2018.
PM forms group to "restore reputation" of Latvia's banks
In a day of frenzied activity to address problems in Latvia's banking sector April 26, Prime Minister Māris Kučinskis issued a decree that he hopes will help "restore the international reputation of Latvia's banking sector," currently tarnished by a large amount of evidence the country has acted as a major money-laundering hub for years.