ABLV Bank revoked Nasdaq Riga membership status

The status of the "Nasdaq Riga" stock exchange member which was liquidated by ABLV Bank has been canceled, according to the information published by the stock exchange.

The exchange informed that the board of directors of Nasdaq Riga decided to cancel the membership status of ABLV Bank on Thursday on the basis of the decision of the European Central Bank regarding the ABLV Bank's License and Nasdaq Riga Members' Rules Canceled

Members engage in securities trading on the stock exchange. To become a member of the company, the company must have the right to carry out securities transactions and it must be supervised by the supervisory authority of the financial sector of the country concerned.

It has already been said that the European Central Bank has canceled the license issued by ABLV Bank from Thursday.

It was also reported that, in order to maximize the interests of customers and creditors, At a special meeting on February 26, shareholders of ABLV Bank decided to launch the Bank self-liquidation, the decision of the central bank to start the liquidation process. ABLV Bank has authorized ABLV Bank to start the process of self-liquidation announced on June 12, 2018

ABLV Bank has encountered problems following the announcement in mid-February by the Financial Intelligence Agency of the Ministry of the United States Finance (FinCEN) that it intends to impose sanctions on ABLV Bank against money laundering programs that contributed to the North Korean nuclear program and illegal activities in Azerbaijan, Russia and Ukraine. The FinCEN report also states that the ABLV Bank management has used corruption by 2017 to influence Latvian officials to prevent any legal action and reduce the threat to its activities at high levels. risk.

In a response letter, they called on FinCEN to withdraw its proposal, stating that FinCEN had raised "exaggerated allegations" against ABLV Bank, for which numerous general allegations were provided or evidence of money laundering. money and insults were not provided FinCEN corruption also did not take into account the progress of ABLV Bank in the financial crime prevention program

Similarly, ABLV Bank and its major shareholders have lodged a complaint with the European Court against the European Central Bank and the Joint Resolution Board. The bank's lawyers have filed four applications from DLA Piper on behalf of ABLV Bank, Germany and its two largest shareholders, two in total – two against the European Central Bank and two against the Unified Settlement Board. The requests cite a number of possible violations that may have been committed by the European Central Bank and the Joint Resolution Board. These include overriding powers, non-compliance with proportionality and equal treatment, as well as other violations.