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ECB takes over Latvian Bank

Following the accusations that PNB Bank Latvia made against the local central bank’s head, the ECB will undertake the supervision of the small banking institution directly.

In order to ensure due process, a clear investigation and any kind of retaliation, the ECB decided to directly take over the supervision of the aforementioned institution  agreeing with the recommendation formulated by the Latvian Financial and Capital Marker Commission (FCMC).
This makes of the PNB Bank the 118 institution under direct EU supervision.
This happens after PNB (previously known as Norvik) was fined 1.5 million euro for shortcoming related to sanction screening in 2017.

Source

https://www.reuters.com/article/us-ecb-banks-latvia/ecb-takes-over-supervision-of-latvian-bank-that-accused-governor-idUSKBN1QS231

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Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.

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