The introduction of recommendations of independent testing will raise the operating standards and international competitiveness of Latvias banks, 30.11.2016

In recent years, Latvia’s banks have made significant investments for the prevention of money laundering by improving training and increasing staff numbers as well as developing and improving IT software. The banks are constantly improving their operating standards and international competitiveness. Now, thanks to working with the consultants they have also gained US best practice and experience.

Regarding the administrative contract between FCMC and Swedbank and penalty charges, 23.11.2016

The Association of Latvian Commercial Banks (ALCB) expresses an overall positive opinion of the active action and attitude of the Financial and Capital Market Commission and approves of strict measures regarding the consideration of demands related to bank internal control systems and money laundering prevention. This proves that when it comes to money laundering prevention and consideration, the demands of Latvian legislation and its enforcement are high and keep getting higher. The banks are also fully aware of these demands and provide increasing effort and resources to comply with these demands. LKA hopes that the work of FKTK will continue and be consistent regarding all players in the financial service market.

FACT SHEET: Why are banks asking questions?, 28.07.2016

Why are banks asking questions?
Similar to worldwide practices, the banks in Latvia have an obligation to apply the KYC principle in accordance with laws and regulations.

FCMC: financial literacy of population grows stronger in Latvia, 07.07.2016

Financial and Capital Market Commission (FCMC) in cooperation with its partners has summed up results of the regular year regarding implementation of the National Strategy for Financial Literacy in Latvia 2014-2020. The data obtained demonstrates progress towards achievement of strategic objectives.

IMF Recognises Latvian Banking System, 20.06.2016

The International Monetary Fund (IMF) in its current report about Latvia positively recognises stability of our banking system by emphasising sufficiency and cost-effectiveness of capital.
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