Control Service Approves Methodology for Ablv Bank's Liquidation - Fcmc

RIGA, March 4 (LETA) - The Financial and Capital Market Commission (FCMC) on Monday received the methodology for screening the creditors of ABLV Bank for the bank's self-liquidation, which has finally been approved by the Latvian Office for Prevention of Laundering of Proceeds Derived from Criminal Activity (Control Service), FCMC spokeswoman Ieva Upleja said.

She said that the FCMC Council would take its decision on the methodology's adoption in the next few days.

The FCMC has done a large amount of work by making more than 700 corrections to the methodology, Upleja noted.

As reported, the adoption of the methodology that will be used for screening the legality of the money of ABLV Bank's clients had become protracted.

The European Central Bank annulled ABLV Bank's license in July 12, 2018.

It has also been reported that the Finance and Capital Market Commission, acting on the instructions from the European Central Bank, ordered ABLV Bank to stop all payments as of February 19, 2018 following a report by the Financial Crimes Enforcement Network...