Banks, Financial Services, Security

FCMC representatives told  that when setting the size of the fine, the regulator took into consideration the bank's financial results, as well as the fact that the bank has admitted its flaws and committed to taking the necessary measures to deal with them and improve its internal control system.

An administrative probe into the bank's anti-money laundering performance included an examination of several of its clients who, according to a publicly available study by Moldova's National Bank, had carried out transactions with the aim to gain control over certain banks in Moldova in 2012 and 2013.

The FCMC and Latvijas Pasta Banka have concluded an administrative agreement obliging the bank to deal with the flaws uncovered in its internal control system and to bring its operations in compliance with the Credit Institutions Law.

Taking into consideration the facts uncovered by the FCMC, the bank has also been told to assess the responsibility of its board member in charge of the prevention of money laundering and terrorist financing.

Latvijas Pasta Banka closed 2015 with an unaudited profit of EUR 4.43 mln. which was more than a year before when its profit was EUR 1.98 mln.

The bank was established in 2008.

Latvijas Pasta Banka mainly focuses on Latvia, Russia, other CIS countries and the European Economic Area.

Latvijas Pasta Banka's sole shareholder is Mono, according to Firmas.lv.