Banks, Financial Services, Latvia, Legislation, USA

International Internet Magazine. Baltic States news & analytics Tuesday, 16.10.2018, 21:57

ABLV: about the Proposal of U.S. FinCEN

BC, Riga, 14.02.2018.Print version
ABLV Bank, AS has reviewed the Proposal regarding ABLV Bank by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury. After preliminary examination of the document we believe that this Proposal uses false information. The report leaves out significant information on the bank’s efforts in the field of money laundering and terrorism financing prevention in the last years, informed the bank.

ABLV Bank, AS emphasizes that the prepared report is merely a proposal of the Department, to which objections may be submitted in writing within 60 days. The Bank is currently contemplating possibilities to make FinCEN reconsider its proposals. The Bank shall make every care to rebut the released allegations.


We are working closely together with the regulator in order to fairly provide any required information.


ABLV Bank would like to point out that in its operation it is consistently obeying all and any Latvian and international, including European Union, laws and regulatory requirements. Over the last years,


ABLV Bank has put forth tremendous effort in order to improve its internal control system in general and specifically in money laundering and terrorism financing prevention, and sanctions risk management.


Over the last two years, the Bank has carried out several independent inspections in the field of preventing money laundering and terrorism financing inter alia closely cooperating the U.S. consultants Navigant Consulting and K2 Intelligence. The recommendations of both consultants have been fully implemented.


The Bank is also working with Financial Integrity Network (FIN), its strategic consultant from USA, in compliance matters regarding prevention of money laundering and terrorism financing.






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