ECB halts all payments by ABLV Bank amid probe

FRANKFURT (Reuters) – The European Central Bank has stopped all payments by ABLV Bank, Latvia’s third biggest lender, as it’s facing accusations of money laundering, the ECB said in a statement on Monday.

“This means that temporarily, and until further notice, a prohibition of all payments by ABLV Bank on its financial liabilities has been imposed, and is now in effect,” the ECB said. “In recent days, there has been a sharp deterioration of the bank’s financial position.”

The U.S. Treasury sought sanctions against the bank last week, accusing it of allowing clients to conduct business with North Korea in violation of United Nations sanctions that were imposed in relation to its nuclear weapons program.

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