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 Financial and Capital Market Commission (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
  1. "JSC "LPB Bank" Public quarterly financial statements" (PDF). LPB Bank. 31 December 2017.
  2. Mike Collier (12 March 2018). "A guide to the rest of Latvia's non-resident banks". lsm.lv.
  3. "LPB Bank Public Financial Statement First Quarter 2021" (PDF). 2021.
  4. "How a Latvian laundered billion USD changed Moldova". Re:Baltica. 1 February 2016.
  5. "Latvia named in billion-dollar Moldova scam investigation". lsm.lv. 11 May 2015.
  6. "FCMC applies 2.2 million euro fine to JSC LPB Bank and issues warning to Board member". The Baltic Times. 23 October 2018.
  7. "JSC LPB Bank". Holdinga Kompanija Mono. n.d. Retrieved 16 July 2021.


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