RSS   Newsletter   Contact   Advertise with us

FCMC fines Meridian Trade Bank and imposes several legal obligations

Share on Twitter Share on LinkedIn
Staff Writer | November 15, 2017
The Board of Financial and Capital Market Commission (FCMC) of Latvie decided to apply a fine of 889 651 euro to the Meridian Trade Bank.
Meridian Trade Bank
Banking   Internal control functions
The penalty on the Meridian Trade Bank was imposed for a failure to ensure adequate internal control functions in the area of credit risk management, identified by the FCMC.

In taking the decision on the amount of the fine the FCMC took into consideration the fact that the Bank had already undertaken actions to enhance effectiveness of its internal control system, as well as that the Bank had not been punished before for deficiencies in the internal control system.

The fine applied to the Meridian Trade Bank will be paid into the State budget.

Besides, the FCMC Board decided to impose legal obligations on the Bank, in order to prevent irregularities of a similar nature in the future and to eliminate deficiencies in the Bank's internal control system in the area of credit risk management.

In accordance with the FCMC decision the Meridian Trade Bank is obliged to submit to the FCMC an action plan for addressing the infringements and deficiencies identified and to take the measures specified in the plan within the period prescribed.

POST Online Media Contact