LPB Bank
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categoryFinance
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Views362
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Reviews7
LPB Bank
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categoryFinance
-
Views362
-
Reviews7
2.4
trust score
2.7
brand audit
0
user’s score
7
user reviews
High risk
| Bank NameLPB Bank | Previous NameLatvijas Pasta Banka | Year Founded2008 | Banking License Obtained2008 |
| DesignationNon-resident bank | Ownership:Signet Bank and Mono | Focus AreasE-commerce, Corporate Finance | PartnershipsVisa, Apple Pay |
| Account Opening Fees50 EUR | Involvement in Moldovan Bank Fraud Scandal (2014)?Yes | Fined?Yes | Reason for FineAML violation |
An overview on LPB Bank
LPB Bank (formerly known as AS Latvijas Pasta Banka) is a prominent financial institution based in Latvia, offering a wide array of banking services to both individual and corporate clients. Established with the aim of providing efficient, secure, and customer-oriented financial solutions, LPB Bank has grown to be recognized for its innovative approach to banking and finance. With a strong emphasis on integrating technology into its services, LPB Bank has been at the forefront of digital banking in Latvia. It offers online banking platforms that enable customers to conduct a variety of financial transactions remotely, from everyday account management to complex international transfers. This digital-first approach ensures convenience and accessibility for its users, reflecting the bank's commitment to adapting to the evolving needs of its customers. LPB Bank's product portfolio is diverse, encompassing savings and checking accounts, loans, investment products, and tailored services for small and medium-sized enterprises (SMEs). It also places a significant focus on international banking, providing specialized services for cross-border transactions, which is a testament to its vision of facilitating global trade and finance. The bank's dedication to customer satisfaction and security is evident in its comprehensive support system and stringent security measures, which include advanced encryption and fraud prevention technologies. Through its blend of traditional banking values and modern innovation, LPB Bank continues to play a vital role in Latvia's financial landscape, supporting the growth and financial wellbeing of its clients.- Several years of experience
- Fined for AML violations
- Lack of transparency
- Suspicious
LPB Bank has a consumer rating of 0 stars from 7 consumer complaints and reviews indicating that most customers are NOT satisfied with their experience. Consumers unhappy with LPB Bank most frequently mention bad support and high costs.
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critical intel on LPB Bank
Latvia fines LPB Bank 2.2 mln euros over anti-money laundering breaches
LPB Bank was fined 2.2 million EUR for violating anti-money laundering regulations. This isn’t the first instance when LPB Bank was fined for an AML violation. The fine was imposed by Latvia’s banking watchdog.
| Publishing Date October 19, 2018 | Amount of Fine2.2 million euros ($2.53 million) | LPB Bank Position in LatviaFifteenth largest bank in the country by assets | Type of ViolationAML/CFT rules |
| Regulatory ActionFine and dismissal of a board member | Focus of LPB Bank:Servicing non-resident clients | Previous FinesYes | Response from LPB BankNone |
| Source ReliabilityHigh | SERP>10 |
Top 3 negative keyword association :
- AML
- Fined
- Dismissed
LPB Bank Fined for Violations
This is a media report on the fines imposed on multiple banks for violating anti-money laundering rules. One of those banks was the LPB Bank. It was fined for 305,000 EUR because it allegedly failed to stop massive flow of funds from its accounts.
| Fine Amount305,000 EUR | Reason for FineAML rules violation | Source of InformationMoldovan bank fraud case | Regulatory AuthorityFKTK |
| Other Fined BanksABLV and PrivatBank | Response from Latvijas Pasta BankaCreation of a charter | Source ReliabilityVery high | SERP>10 |
| Search VisibilityLow | Brand ImpactLow |
Top 3 negative keyword association :
- Fined
- Fraud
- Case
Expert Risk Assessment on LPB Bank
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7 Comments
LPB Bank has a consumer rating of 0 stars from 7 consumer complaints.
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I have doubts about LPB Bank’s honesty and dependability after learning about its history of paying fines for anti-money laundering infractions. Feeling as though my bank isn’t taking compliance seriously and endangering my financial stability is annoying.
I’m insecure and deceived by learning of LPB Bank’s role in the bank fraud case in Moldova. The idea that my bank can be vulnerable to criminal activity and endanger my hard-earned money is alarming.
I can’t get rid of the feeling that LPB Bank’s emphasis on serving non-resident clientele puts me at risk of becoming involved in money laundering operations. The idea that my bank’s aims might not coincide with my best interests is disturbing.
I am losing trust in the Latvian banking industry as a whole after learning about LPB Bank’s affiliation with other penalized institutions such as ABLV and PrivatBank. Seeing a pattern of systemic flaws that could jeopardize the financial security of clients like me is depressing.
It is very concerning that LPB Bank was fined 2.2 million euros for violations of anti-money laundering regulations. Observing a financial institution consistently flout rules intended to stop illegal financial activity is depressing.
It is concerning that LPB Bank’s compliance controls are not transparent.
I feel abandoned and concerned about the security of my accounts because LPB Bank hasn’t reacted to regulatory actions. The idea that my bank isn’t making the effort to resolve problems that can have an impact on me and other clients is disconcerting.