Posts tagged as financial regulator

Latvian Saeima advances merger of central bank and financial regulator

Thursday, April 22, 2021

On April 22, the Saeima conceptually supported the merger of Finance and Capital Market Commission (FKTK) and Latvian Central Bank (Latvijas Banka). In the first reading, Parliament approved both a new  draft law of the Bank of Latvia, which provides for a framework for the operation of the central bank following its merger with the FKTK, as well as a majority of the accompanying packages related to it, which includes 24…

Latvia: Regulator fines Regional Investment Bank for “irregularities”

Sunday, November 8, 2020

Latvia’s financial regulator, the Financial and Capital Market Commission (FKTK) said November 6 it had decided on November 3 to impose a fine of EUR 473,076 on Reģionālā investīciju banka (Regional Investment Bank, RIB) for “irregularities in detecting the source of funds, which were identified during a FKTK inspection in large value cash transactions carried out by the Bank’s high-risk clients from high-risk jurisdictions.” RIB “failed to ensure adequate risk management and was…

Latvian financial regulator publishes due diligence guidelines for banks

Tuesday, August 25, 2020

Latvia’s financial regulator the Financial and Capital Markets Commission (FKTK) on August 25 published a list of recommendations for banks and other financial institutions aimed at producing improvements in the areas of internal control and customer due diligence, which have repeatedly proven to be weaknesses in the past. The recommendations were drawn up in collaboration with the industry itself and are advisory rather than compulsory with legally-binding obligations. “The extensive work…

FinTech innovators awarded first-of-kind payment license by financial regulator

Tuesday, July 28, 2020

Lavia’s financial regulator the Financial and Capital Markets Commission (FKTK) said July 27 it had approved FinTech company Nordigen as a payment institution “with the right to provide account information services”. “This type of payment service is considered to be one of the newest types of payment services… account information service enables customers to see aggregated information on the content of its payment accounts located in various banks and payment service…

Merger of financial regulator and central bank could cause 30 job losses

Thursday, May 28, 2020

By adding the Finance and Capital Market Commission (FKTK) to the Bank of Latvia, approximately 30 people could lose their jobs, said FKTK Chair Santa Purgaile in an interview on Latvian Television on May 28. She pointed out that these are employees who perform supporting rather than monitoring functions. Purgaile believes that merger is positive because funds will be saved and the work of both institutions will become more efficient. Around EUR…

Latvian government approves merger of financial regulator with central bank

Wednesday, May 27, 2020

The Cabinet of Ministers on May 26 supported in principle merging the Bank of Latvia with the financial regulator, the Financial and Capital and Market Commission (FKTK), the LETA newswire reported. As  reported by LSM previously  , the idea was formally floated last week after months of general discussion on the subject. According to the government’s decision, the two institutions will be merged either in 2022 or in 2023. The Finance Ministry’s…

Lithuania’s financial regulator launches its regulatory sandbox

Friday, September 28, 2018

Startups and other businesses developing financial technologies (FinTech) will soon be able to test their innovative products in a live environment under the guidance and supervision of the central bank of Lithuania. Submission of applications to enter the Bank of Lithuania regulatory sandbox opens on 15 October 2018. “Having developed an innovation-friendly space, we seek to pave the way for faster and easier access to new financial solutions. Ideas generated…