ABLV Bank, AS (Riga, Latvia) ceased operations in 2018 following regulatory intervention by European authorities and the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). The bank is no longer accepting new customers and online banking services are permanently unavailable.
What Happened to ABLV Bank?
ABLV Bank was once one of the largest private banks in the Baltic States, holding approximately 14% of Latvia’s domestic banking market share in 2017. However, in February 2018, the bank faced a series of regulatory actions that led to its closure:
- February 13, 2018: The U.S. Treasury’s FinCEN designated ABLV as a “foreign financial institution of primary money laundering concern,” alleging the bank facilitated money laundering and helped clients evade United Nations sanctions on North Korea.
- February 24, 2018: The European Central Bank (ECB) announced ABLV would be liquidated under Latvian law.
- February 26, 2018: ABLV’s board voted to begin voluntary liquidation.
- July 11, 2018: The bank’s license was officially cancelled.
Current Status (2026)
ABLV Bank remains in supervised voluntary liquidation. In September 2024, FinCEN withdrew its money laundering designation, recognizing that the bank had been “essentially dismantled” and that Latvia had made substantial progress in strengthening its anti-money laundering regime. Criminal proceedings against former ABLV shareholders and management are ongoing in Latvia’s Economic Court.
If You Were an ABLV Customer
Former ABLV customers should have received instructions about their accounts during the liquidation process. The liquidators have been working to return deposits to account holders. For specific inquiries about former accounts, contact the ABLV liquidation administrators through the official channels established during the wind-down process.
Banking in Latvia Today
If you’re looking for banking services in Latvia, several well-established banks continue to operate:
- Swedbank – Major Nordic bank with strong Latvian presence
- SEB banka – Part of the SEB Group
- Luminor Bank – Combined Baltic operations of Nordea and DNB
- Citadele banka – Latvian bank formed from Parex Bank restructuring
Frequently Asked Questions
Can I still access my ABLV online banking?
No. ABLV’s online banking and all banking services were terminated in 2018. The bank is in liquidation and no longer operates as a financial institution.
What happened to deposits at ABLV?
The liquidation process includes provisions for returning deposits to customers. The European Central Bank and Latvian authorities have overseen this process. Deposits up to €100,000 per person were protected under EU deposit guarantee schemes.
Was ABLV actually guilty of money laundering?
Criminal proceedings are ongoing. In June 2023, Latvia’s Prosecutor General’s Office filed charges against eight former ABLV shareholders and executives for allegedly laundering €2.1 billion in criminal assets. The case is being heard in Latvia’s Economic Court.
Why did FinCEN withdraw its designation in 2024?
FinCEN withdrew the “primary money laundering concern” designation because the bank had been dismantled, its license cancelled, and Latvia had implemented substantial anti-money laundering reforms. The withdrawal reflected changed circumstances, not exoneration.
Last Updated on January 4, 2026
URL: https://log-in.me/ablvbank-as-riga-latvia/