ABLV asks FinCEN to cancel sanctions
Lawyers representing Latvia’s ABLV Bank, the local Latvian bank which is currently liquidating itself in response to U.S. allegations of institutionalized money laundering, have called on the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury to cancel planned sanctions against the bank.
Former CIA official representing ABLV in dispute with FinCEN
David Cohen, former deputy director of the U.S. Central Intelligence Agency and supervisor of the Financial Crimes Enforcement Network (FinCEN), now a partner at the international law firm WilmerHale, is representing Latvian commercial bank ABLV Bank in its dispute with FinCEN, the bank told LETA April 18.
ABLV Bank to fire 250 employees in April
Latvia’s ABLV Bank whose shareholders made a decision on voluntary liquidation, will fire 250 employees in April, said ABLV group’s spokesman Arturs Eglitis April 13. 
Finance Ministry maps out shell company ban
Latvia's Finance Ministry has mapped out a bill with amendments to the Latvian Law on the Prevention of Money Laundering and the Financing of Terrorism, banning finance bodies from doing business with shell companies.
No banks planning to leave the market voluntarily
All banks currently operating in Latvia have confirmed to the financial regulator, the Financial and Capital Market Commission (FKTK) that they will continue their operations in the financial sector, Ieva Upleja, head of FKTK's Communications Department, told the LETA newswire April 4.
Rietumu cuts staff by 15% this year
Rietumu banka - one of Latvia's banks specializing in serving non-resident clients, has cut staff numbers by about 15% in 2018, and now the bank employs about 600 people, the bank's press secretary Eleonora Gailiša told LETA.
€83 million paid out to ABLV clients within month
From March 3, when the Citadele bank started paying out state-guaranteed compensations to the clients of imploded ABLV Bank, a total 5,000 clients have been paid a total of about €83 million, Citadele representative Baiba Ābelniece told Latvian Radio April 3. 
Non-resident bank insists it has a future
Little-known Latvian bank LPB (formerly Latvijas Pasta Banka/Latvian Postal Bank) said March 29 it had drawn up a new business model to keep it a viable concern as regulatory heat is turned up in the non-resident banking sector.
Latvian banking sector shrank in 2017
New data released by the Financial and Capital Market Commission (FKTK), Latvia's financial regulator, show that in 2017 the banking sector contracted, with both deposits and new loans reducing markedly.
Banks should stop shell company business this year, says regulator
Latvian banks should, within the next six months, stop business with the so-called shell companies, which often are of unclear origin and are often used in money laundering schemes, said Finance and Capital Market Commission (FKTK) chairman Peters Putnins in an interview with commercial LNT television March 20.
Rietumu switches operating currency to euros
The board of Rietumu banka, which is widely regarded as the most successful of Latvia's numerous banks specializing in "non-resident" business, has changed its operating currency of its customers to the euro, amidst a reputation crisis in Latvia's banking sector, the bank told the press March 14.
About 70 ABLV clients likely to lose residency permits
About 500 third-country nationals have residency permits in Latvia, provided in exchange for deposits in the country's banks. About 70 of these permits were provided for deposits in the imploding ABLV Bank, and these are likely not to be renewed upon expiration, reports Latvian Radio March 15.
26,081 of Latvian banks' clients are shell companies
There are 26,081 shell companies among clients of Latvian banks, including two companies of Latvian origin, Ieva Upleja, a spokeswoman for the Financial and Capital Market Commission (FCMC), told LETA March 14.
Anti-corruption chief evasive over meeting with US official
It is likely that Marshall Billingslea, Assistant Secretary at the US Department of Treasury, has provided Latvia's anti-graft authorities with information over corruption in the Latvian banking sector during his visit in Latvia last week, reported LTV's De Facto March 11.