Statement of the Association of Latvian Commercial Banks after inspections by FCMC in collaboration with U.S. Law Enforcement institutions in several Latvian banks

Added: 27.06.2017
“Association of Latvian Commercial Banks has seen the statement of Financial and Capital Market Commission after inspections in collaboration with US Law Enforcement institutions in several Latvian banks.

We will continue the dialogue and cooperation with the regulator to clarify the details of the case.

Association as the representative of Latvia's banking sector, has a zero tolerance of breaches and the use of Latvia's banking system for illicit activities that do not comply with international standards and regulations.

After independent US expert review in 2016, Latvian banking sector started a significant and comprehensive improvement process by implementing compliance remediation plans with a special focus towards AML control and international financial sanction enforcement. Banks have implemented 68% of the remediation plans by the Q1 of 2017. Additionally, the number of clients de-risked in 2016 increased by 39% in comparison to 2015.

Banks of the Association are aware that improvement of control mechanisms is a consistent and ongoing process based on adequate and real risk assessment. All cases when bank control systems have been insufficient are carefully investigated by the executive management of banks. Appropriate systems are improved based on these reviews to ensure effectiveness and detection of illicit activity.”

Sanda Liepiņa, the Chairman of the Management Board in the Association of Latvian Commercial Banks

Additional information:
Elīna Lazdāne
Vīlands Associates
+371 29654616


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