Banks in Latvia improve AML/CTF controls

The supervision body last year conducted 12 inspections to prevent money laundering and terrorism financing.

In previous years most checks concluded with administrative action and penalties, but last year that happened in only some cases, the commission said in its 2020 annual report.

“In the field of financial crime prevention, the year started off with great news – Latvia will not be added to the grey list,” chairwoman Santa Purgaile was quoted as saying by the country’s Leta news agency.

The grey list relates to countries under increased monitoring by the Paris-based Financial Action Task Force (FATF) to overcome weaknesses in their systems to counter money laundering, terrorism financing and funding for proliferation of nuclear, chemical or biological weapons.

Among the Latvian commission’s priorities this year are to take a risk-assessment approach in preventing money laundering, terrorism and proliferation financing.