PrivatBank (Latvia)

PrivatBank (Latvia) was a Latvian bank formerly operating under the name of AS PrivatBank. It was a subsidiary of the Ukrainian PrivatBank. Due to financial difficulties and breaches of regulations, its banking license was revoked by the Financial and Capital Market Commission (FCMC) of Latvia in 2018, and the bank was subsequently liquidated. The FCMC cited a prolonged period of shortcomings in the bank's internal control system, failure to adequately address anti-money laundering (AML) and counter-terrorist financing (CTF) risks, and unsustainable business model as the primary reasons for the revocation. During its operation, PrivatBank (Latvia) offered a range of financial services, including retail banking, corporate banking, and private banking. The liquidation process involved compensating depositors up to the guaranteed amount specified by Latvian law.