The Association of Latvian Commercial Banks represents Latvian banking sector with euro 30 billion in assets and more than euro 15 billion in loans, 2,25 million customers and 9 thousand employees. The industry adheres to the highest international standards and provides competitive and modern financial services to support the growth of the economy.
The Association was established in 1992 and is one of the oldest business membership organizations in Latvia. We work in partnership with public and private sector stakeholders to improve the business environment and provide a platform to discuss key industry issues to define common strategies for the Latvian financial sector.
The Association takes part in developing banking regulations and improving the legal framework for businesses. It protects the rights and safeguards the interests of its members and deals with problem issues. The Association also contributes to improving the regulatory requirements for pension funds and investment funds.
REPRESENTING COLLECTIVE INTERESTS OF BANKS
The Association represents the interests of the financial sector at the level of public authorities and of municipalities and in domestic and international institutions.
THE ASSOCIATION REPRESENTS THE INDUSTRY IN:
• National Tripartite Cooperation Council
• Board of Confederation of Employers of Latvia
• National Economy Council
• Council for Financial Sector Development
• Consultative Council of the Control Service
• Consultative Council of the Financial and Capital Market Commission
• Consultative Council of the Development Financial Institution
• Consultative Council of the Corruption Prevention and Combating Bureau
• Consultative Council of the Register of Enterprises
• Consultative Council on Insolvency Issues
• Consultative Security Council
• Consultative Council of Housing Agency
• Business Cooperation Council of Latvia and Russia
• Investment and Business Advisory Board of the Riga City Council
THE ASSOCIATION IS:
• a member of the European Banking Federation
• a member of Confederation of Employers of Latvia
• a member of the Baltic Financial Advisors Association
STRENGTHENING CORPORATE GOVERNANCE AND RESPONSIBILITY
The Association promotes good governance principles for banks in line with the high international standards. The Association has contributed to the implementation of high performance standards by developing the Code of Bank Activities and it works, on an ongoing basis, towards updating compliance principles and ensuring adequate awareness.
SAFEGUARDING CONSUMER RIGHTS
The Association enhances honest and fair bank-customer relationship. The Ombudsman of the Association of Latvian Commercial Banks handles complaints by customers of credit institutions. The Association cooperates with the Consumer Rights Protection Centre and the Financial and Capital Market Commission in issues that relate to the provision of information to bank customers and protection of their interests.
PREPARING AND IMPLEMENTING JOINT PROJECTS FOR BANKS
The Association coordinates the preparation of joint bank projects, implementation of the best practice and introduction of new initiatives. The recommendations and standards for bank services, guidelines for eliminating the risk associated with the use of payment cards, the common principles on the natural persons’ current account switching and other requirements are in the pipeline.
IMPLEMENTING THE BEST PRACTICE FOR PREVENTING MONEY LAUNDERING AND TERRORIST FINANCING
In cooperation with its members, the Association carries out significant work to improve, on an ongoing basis, the practice for preventing money laundering and terrorist financing and it cooperates with Latvian and foreign, in particular the US, authorities and financial institutions to develop recommendations to the sector and ensure that commercial banks implement an appropriate “know-your-customer” policy and transaction policy. In order to contribute to the implementation of the best practice, the Association holds international conferences and seminars as well as specialized courses for bank employees as well as participates in the major industry activities and assessments of foreign partners for the prevention of money laundering and terrorist financing.
COMPILING STATISTICS AND PREPARING ANALYTICAL MATERIALS
In order to ensure comprehensive and analytical information about the Latvian banking sector, the Association compiles and publishes quarterly information about the main banking indicators.
ARRANGING INTERNAL EVENTS FOR MEMBERS
In order to promote informal contacts between the employees of Latvian commercial banks and strengthen internal corporate relations in the financial system, the Association holds internal events for banks; the most significant events are annual basketball competition for bank teams “Bank Cup” and the indoor football competition among banks.