Financial Crime World

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Stricter Rules for Banks in Latvia to Prevent Money Laundering

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RIGA, LATVIA - In an effort to prevent money laundering and terrorism financing, banks in Latvia are required to follow stricter rules when it comes to customer verification. This means that customers will be asked to provide more information about themselves, including their contact details, nationality, place of residence, and field of activity.

Why the Extra Security?

The reason behind this extra security measure is twofold:

  • Banks must comply with international regulations aimed at preventing money laundering and terrorism financing.
  • Banks care deeply about their customers’ safety and the security of their accounts. By having up-to-date information on hand, banks can more easily detect suspicious transactions and prevent financial losses for their customers.

What Information Will Be Asked For?

When opening a new account or using banking services, customers will be asked to provide the following information:

  • Contact details
  • Nationality
  • Place of residence
  • Field of activity

Customers are also expected to update this information periodically to ensure that it remains accurate and up-to-date.

What Happens if Information is Not Provided?

If a customer fails to provide the required information, they may no longer be able to use certain banking services, including online banking or card services. However, their account balance will not be affected, and they can still access their money.

Politically Exposed Persons Subject to Stricter Scrutiny

Banks in Latvia are also required to identify politically exposed persons (PEPs), who include individuals with public authority as well as their family members and close associates. PEPs are subject to stricter scrutiny due to the increased risk of money laundering and terrorism financing.

Data Protection

All customer data is protected by strict security and confidentiality rules, and will only be disclosed to third parties with the customer’s written consent or where required by law.