Banks
Latvian central bank offers sanctions advice
Latvian central bank offers sanctions advice
Latvijas Banka, the Latvian central bank (LB) said May 2 it has developed new "Guidelines for establishing and maintaining effective sanctions screening system" to support financial market participants in sanctions screening.
Latvian government pushes ahead with crypto asset law
Latvian government pushes ahead with crypto asset law
On Tuesday, April 30, the Latvian government considered the draft law "Crypto-asset services law", which will designate the Bank of Latvia as the competent supervisory authority that will issue operating permits to crypto-asset market participants.
Latvia's banks report €162 million profit in Q1
Latvia's banks report €162 million profit in Q1
Latvian monetary financial institutions (MFIs), mainly banks, worked with a profit of EUR 161.9 million in the first three months of this year, which is 14.5% more than in the same period of 2023, according to the information released by the Bank of Latvia, LETA reports April 29.
NIB and Citadele bank back Vilnius gene therapy facility
NIB and Citadele bank back Vilnius gene therapy facility
The Nordic Investment Bank (NIB), Latvian bank Citadele and the Lithuanian biopharmaceutical company UAB Celltechna announced April 25 they have signed a ten-year financing agreement of EUR 37 million for a gene therapy product facility in Vilnius.
Another Latvian collector coin on the way
Another Latvian collector coin on the way
Tuesday, April 16 will see the Latvian central bank (Latvijas Banka, LB) issuing another in its series of coins for collectors. This one is named 'Across the Times' and is dedicated the the Ethnographic Open-air Museum of Latvia.
One fine, two warnings issued over Baltic International Bank breaches
One fine, two warnings issued over Baltic International Bank breaches
The Supervision Committee of Latvijas Banka (LB), the country's financial regulator, said April 5 it had decided to impose a fine of 31,731 euros on Viktors Bolbats, former Chair of the Board of Baltic International Bank, which had its operations suspended more than a year ago.
Latvian bank profits doubled last year
Latvian bank profits doubled last year
The Latvian banking sector made a profit of EUR 622.215 million last year, which is almost twice as much as the profit of banks in 2022, according to data published by the Latvian Central bank (Bank of Latvia) on March 14.
Cash payments set to come under closer scrutiny in Latvia
Cash payments set to come under closer scrutiny in Latvia
Latvia's residents deposit approximately 2 billion euros into Automatic Teller Machines (ATMs or bankomāti) annually. Such a large amount raises suspicions that some of that cash may be part of tax avoidance measures. 
Former PNB depositors face August deadline
Former PNB depositors face August deadline
Former depositors of the insolvent AS PNB Banka who have yet to resolve any legal claims have been reminded of a looming deadline by the regulator, the Latvian central bank, Latvijas Banka (LB).
'Instant' bank payments to become an EU-wide reality
'Instant' bank payments to become an EU-wide reality
Most people will have encountered a situation in which making a bank transfer from one bank account to another has seen the payment delayed for several days, with the funds apparently suspended in the ether before completion. 
Luminor says bank tax harmed its profits
Luminor says bank tax harmed its profits
Baltic bank Luminor generated increased pre-tax profits of 51.7 million euros in the fourth quarter of 2023, a 10.7% increase on the same period a year ago period – but said its profits would have been bigger if it didn't have to pay so much in tax.
Bumper profits for Latvia's banks last year
Bumper profits for Latvia's banks last year
Latvian financial institutions, including banks, worked with a profit of EUR 573.5 million last year, which is 75% more than in 2022, according to information released by the Bank of Latvia, reports the LETA newswire.
Swedbank Latvia reports doubled profits in 2023
Swedbank Latvia reports doubled profits in 2023
In 2023, Swedbank Latvija, the largest commercial bank in Latvia, worked with a profit of EUR 274 million, which is twice as much as the bank's profit of EUR 132 million in the previous year, the bank reported January 24.

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