On February 13th The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) accused third biggest bank in Latvia ABLV Bank for incomplete know your customer procedure which resulted in activity linked to North Korea’s weapons program and corruption connected to Russia and Ukraine
In order to give the bank sufficient time for taking actions for stabilisation of the existing situation and accumulating the funds necessary for ensuring normal operation Financial and Capital Market Supervision Commission made a decision to set temporary settlement restrictions on clients’ debit operations.
Currently bank is trying to convince FinCEN to review their accusations and will make all the efforts to rebut the indictments and restore its’ reputation.
We hope that ABLV will refute the allegations and restore all the bank operations as soon as possible. On behalf of BBP Baltic we will be following the latest news and update you about the further development of this case in our website.