FCMC to investigate ABLV Bank
Latvia’s Finance and Capital Market Commission (FCMC) has plans to perform an additional investigation at ABLV Bank in the next couple of weeks, says the commission’s manager Pēters Putniņš, adding that no operational restrictions have been applied to the bank so far.
«First of all, we have to determine what happened, especially because most of the episodes detailed in the report from the US Finance Ministry’s Financial Crimes Enforcement Network (FinCEN) had been investigated in the past. We are in the middle of investigating specific episodes. We will make our conclusions based on the outcome of the investigation. It is a matter of time,» says Putniņš.
The official refrained from disclosing any details of the investigation.
As for the breach of sanctions applied to North Korea, Putniņš mentioned that there had been no direct violation from the viewpoint of Latvian legislation. «USA does not separate violation by association from a direct violation. No matter where the bank may be located, involvement in a breach of sanctions will always be considered a direct violation. Latvia’s laws are different,» he said.
He also notes that there is no proof or risks of ABLV Bank offering bribes to any of FCMC’s employees. Over the course of the past two years, FCMC has put in a lot of effort into making ABLV Bank add corrections in its internal operations. This is why Putniņš says that FinCEN’s report about ABLV Bank is an echo from the past.