- On 12.06.2018, the Board of FCMC adopts a decision permitting ABLV Bank AS to implement voluntary liquidation of the Bank under control of FCMC
- The Bank's management is taken up by the liquidators (4) appointed by the FCMC
- Henceforth, the FCMC ensures supervision of legality of the process, AML/CFT* and international sanctions (IS) compliance checks, appointing proxies (authorised persons) (6) and, where necessary, inviting external advisors /experts
- Voluntary liquidation of the bank under FCMC control (not a compulsory liquidation by a court order) is a solution that ensures the maximum involvement and implementation of control by FCMC
- Henceforth, the FCMC monitors the management of Bank's assets and sales transactions throughout the course of the process
- A team of sworn auditors from the international company Ernst&Young develops the methodology for the AML/CFT and sanctions compliance checks to prevent possible AML and violation/circumventing of sanctions compliance provisions in the course of pay-outs
- The developed methodology for the AML/CFT and sanctions compliance checks is examined and approved by the FCMC
- In accordance with the methodology prepared by Ernst&Young and approved by the FCMC, taking into account proposals by FIU Latvia (Control Service), all creditors/potential purchasers of Bank's assets, payments and transactions are subject to the AML/CFT and sanctions compliance checks
- The FCMC oversees the consistency of results of the AML/CFT and sanctions compliance checks
- Pursuant to the planned pay-outs during the liquidation process, the lists of pay-outs are prepared on a regular basis regarding the creditors who have undergone the AML/CFT and sanctions compliance checks in accordance with the requirements laid down in the methodology
- The FCMC continues monitoring of the pay-outs process and, where necessary, carries out creditors compliance follow-up reviews
- The FCMC continues to supervise the asset management performed by liquidators also in the course of pay-outs process for the purposes of preserving assets and protection of Bank creditors' interests
- Until the completion of the Bank's liquidation process, the FCMC controls compliance of the process with the approved plan and assesses liquidators' reports
*AML/CFT – anti-money laundering and combatting the financing of terrorism
Other materials:
FCMC permits ABLV Bank AS to implement voluntary liquidation plan under control of FCMC