Audit of Latvian banks comes to an end

During almost all spring period Latvian banks have been subject to numerous audits both by international organizations and the public authorities.

The audit carried out by the Finance and Capital Market Commission of Latvia has resulted in that many banks have had significant charges. Restrictions against a majority of banks have been imposed in respect of their activity and clients who the bank can work with.

One of the largest private banks in Latvia - ABLV Bank turned out to have occupied the best position.

Finance and Capital Market Commission (FCMC) and ABLV Bank, AS signed an administrative agreement in respect of violations found during inspections held by FCMC, which is aimed at improving the bank's internal control system. The agreement provides for payment of the penalty by the bank in the amount of 3.17 million euros and making notice to a responsible member of the Board.

After signing the administrative agreement, FCMC and ABLV Bank agreed on signing a voluntary settlement to terminate the administrative proceedings initiated by the FCMC.

It should be noted that this penalty is the smallest of all the penalties which were imposed on banking institutions in Latvia during audits held by FCMC. Moreover, ABLV Bank was the only commercial bank, which activity has not been limited by any restrictions.

Source: https://www.ablv.com/ru/press/2016-05-26-krfk-i-ablv-bank-podpisali-administrativnyj-dogovor