OREANDA-NEWS. PrivatBank intends to thoroughly examine materials which will be provided by the Financial and Capital Market Commission (FCMC) of Latvia concerning the decision to impose a fine in the amount of up to 10% of the total profit for the previous financial year of PrivatBank Latvia. Also, the Bank is considering asking the Commission not to apply the fine and to focus on strengthening the composition of the Bank’s Management Board.

This was reported by PrivatBank Ukraine, the major shareholder of the Latvian bank. To comply with the requirements of the Commission, the Board of PrivatBank Latvia dismissed a number of the bank’s top managers and has already filed a candidacy for the Chairman of the Board for FCMC approval.

PrivatBank noted that during the regulator’s probe of the bank’s alleged participation in suspicious transactions that would identify the outflow of funds from Moldovan banks, the bank presented full information on its operations conducted in 13 days of 2014 when PrivatBank Latvia carried out a netting operation between customers of two Moldovan banks. This information was mentioned in a Kroll report, released by the National Bank of Moldova.

According to the FCMC official announcement, sanctions applied on the Bank do not affect the Bank's daily operations. The Bank continues to meet its obligations to customers and is providing services as usual.