In an important announcement February 21 it was revealed that Latvia has not been placed on an international "gray list" of high-risk money-laundering countries, which could have had a devastating effect on the banking system and national economy.
The European Central Bank (ECB) decided to withdraw the authorisation of JSC "PNB Banka" February 17, a full five months after it was proposed by Latvia's financial regulator, the Financial and Capital Market Commission (FFKT).
Swedish bank SEB has named a new head of its Baltic banking operations.
In an unusual move February 3, Latvia's financial regulator, the Financial and Capital Markets Commission (FCMC in English, FKTK in Latvian) said it was "recalling" a media press release it originally issued ten months earlier.
A court has ordered the detention of Andris Ovsjaņņikovs, a former ABLV Bank private banker in connection with an ongoing €50 million money laundering investigation, reports Latvian Radio.
2019 profits for Latvian monetary financial institutions (MFIs), mainly banks, were 117.1 million euros, which is 2.5 times less than in 2018, according to Latvian central bank Latvijas Banka statistics published on January 29.
Police have conducted investigations at various Latvian banks associated with the non-resident banking sector, according to unofficial information reported by Latvian Television (LTV) January 29.
Meridian Trade Bank (MTB) said January 22 it is changing its name to "Industra".
A year-long crackdown on Latvian banks' reputation for money laundering and sanctions dodging appeared to have paid dividends January 22 with official recognition of its success from an important international organization.
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."
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.
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.