LPB (bank)
LPB Bank is a Latvian bank. It was founded on 5 September 2008 and changed its name to LPB Bank on 15 December 2017 (previously Latvijas Pasta Banka).[1] It has been described as a "non-resident bank" which has a large proportion of non-Latvian clients.[2] It is joint stock company 100% owned by import company Mono.[3]
It was named in the investigation into the 2014 Moldovan bank fraud scandal, together with ABLV Bank and PrivatBank[4] It was fined 305,000 Euros for its part in this.[2][5]
In 2018 it was fined 2.2 million Euros by Latvia's (FCMC), 10% of its turnover, for "continuous non-compliance" with anti-money laundering and counter-terrorist financing legislation.[6] The FCMC said, amongst other issues that "the Bank failed to give sufficient weight to the unusually large, complex, inter-related transactions that have no apparent economic or visible lawful purpose".
As a bank it states that its priorities are e-commerce, fintech, business finance and brokerage.[7][3]
References[]
- ^ "JSC "LPB Bank" Public quarterly financial statements" (PDF). LPB Bank. 31 December 2017.
- ^ a b Mike Collier (12 March 2018). "A guide to the rest of Latvia's non-resident banks". lsm.lv.
- ^ a b "LPB Bank Public Financial Statement First Quarter 2021" (PDF). 2021.
- ^ "How a Latvian laundered billion USD changed Moldova". Re:Baltica. 1 February 2016.
- ^ "Latvia named in billion-dollar Moldova scam investigation". lsm.lv. 11 May 2015.
- ^ "FCMC applies 2.2 million euro fine to JSC LPB Bank and issues warning to Board member". The Baltic Times. 23 October 2018.
- ^ "JSC LPB Bank". Holdinga Kompanija Mono. n.d. Retrieved 16 July 2021.
External links[]
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