Financial Crime World

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Latvia’s State Data Inspectorate Grants Salv First-Ever ‘Closed Shared Know Your Customer (KYC) Utility’ Licence

In a groundbreaking move, European Regulatory Technology (RegTech) scale-up Salv has become the first technology firm in Europe to secure a regulator-awarded licence to operate as a ‘Closed Service KYC Utility’ service provider. This milestone achievement allows financial institutions to collaborate and share client intelligence to combat financial crime.

A Major Step Forward in Combating Financial Crime

The licence, granted by Latvia’s State Data Inspectorate, certifies that Salv has met the highest standards of quality, security, legal, data protection, and compliance. The company was required to demonstrate ISO/IEC 27001 certification and undergo corporate due diligence to prove its trustworthiness.

A Solution to Combat Financial Crime

Salv’s Bridge platform will enable financial institutions to leverage its services to help combat financial crime. The licence comes as Latvia has seen a surge in financial fraud cases, with customers of the four largest commercial banks defrauded of €12.7 million in 2023.

Rising Financial Fraud Cases

  • Investment fraud cases rose by 84% in 2023 compared to the previous year (Financial Industry Association)
  • Customers of the four largest commercial banks were defrauded of €12.7 million in 2023

Industry Reaction

Laima Letiņa, Advisor to the Finance Latvia Association, praised Salv’s achievement, stating that “collaboration between financial institutions is beneficial for all… but requires confidence in the security of the process and compliance with regulatory requirements.”

Bruno Puriņš, Salv Market lead in Latvia, emphasized that the company’s success in gaining this licence assures clients that it is now possible for the financial services community to unite against financial crime.

Edgars Pastars, Senior Associate at ZAB COBALT, added that “the use of collaborative customer intelligence tools to fight financial crime have been discussed globally for many years… Latvia is at the forefront of innovation and has pioneered the development of standards and regulations.”

About Salv

Salv was founded in 2018 with a mission to combat financial crime. The company has raised €12.1 million in funding since its inception and has employees based in Estonia, the United Kingdom, Lithuania, Latvia, and Poland.

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