The Financial Capital and Market Commission (FCMC) in charge of Latvian banks has decided to halt the operations of PNB Banka (formerly Norvik Banka) to prevent the outflow of bank’s funds. The decision followed after the European Central Bank (ECB) decided to recognize the bank as a failing, or likely to fail, financial institution. Last year, the European banking authority spearheaded the winding down of Latvia’s other bank, ABLV Bank AS, which was accused by US of money laundering tied to North Korea, as well as illegal activities in Azerbaijan, Russia and Ukraine. To add ins...
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