News

The Baltic supervisory authorities are instructing Luminor to improve its anti-money laundering systems

The Estonian, Latvian and Lithuanian supervisory authorities, as a result of coordinated effort, consider that Luminor’s anti-money laundering systems and internal rules need improvement. 

Finantsinspektsioon has started to publish investor alert warning notifications again

Alerts about businesses operating in financial markets that are reasonably suspected of illegal activity will again be published on the Finantsinspektsioon website from today.

Finantsinspektsioon has prohibited AS Cresco Väärtpaberid from providing investment services to new clients

Finantsinspektsioon prohibited AS Cresco Väärtpaberid (registry code 10093327) from creating new client relationships and providing investment services and services related to investment services to new clients. Finantsinspektsioon took the decision because Cresco has not published its annual financial reports for 2019 and 2020 and the associated documentation as required.

Luminor has passed the assessment by the European Central Bank

The European Central Bank working with Finantsinspektsioon carried out a comprehensive assessment of Luminor Bank AS that found both the quality of the assets of the bank and its capitalisation to be good.

Guidelines for loan requirements have been harmonised in Europe

Harmonised principles for issuing and monitoring loans started to apply for banks in the European Union at the end of June, having been set out jointly by financial supervisors in the guidelines of the European Banking Authority (EBA). Finantsinspektsioon issued the EBA guidelines as advisory guidelines in November last year.

Finantsinspektsioon fined Madis Talgre for market manipulation

Finantsinspektsioon identified the actions of Madis Talgre (personal ID code 36004176533) between 04.08.2020 and 30.10.2020 in trading the shares of AS Trigon Property Development on the regulated market managed by Nasdaq Tallinn AS as market manipulation and fined him 1000 euros.

Market manipulation can be punished under § 3981(1) of the penal code with a fine of up to 1200 euros.