Violations of the Latvian banking sector (Part 2)

Recent situation with violations found also in resident banks in Latvia shows us that Prevention of Money Laundering and Terrorist Financing law in Latvia applies the same to all kind of banks.

Experts point that lately Financial and Capital Market Commission in Latvia is doing stricter controlling with higher financial penalties. Financial penalties are relatively high at the moment, but Financial and Capital Market Commission in Latvia confirms that it could be higher, because this amount depends of the bank and its income. Prevention of Money Laundering and Terrorist Financing law in Latvia could be formulated more precisely, since at the moment it is very easy to interpret.

The opinion of experts is that Financial and Capital Market Commission in Latvia should correct Prevention of Money Laundering and Terrorist Financing law to make it more understandable in practice. It is also clear that Prevention of Money Laundering and Terrorist Financing in Latvia is the top priority for Financial and Capital Market Commission right now.

If you have any questions about violations of the Latvian banking sector, please do not hesitate to contact us at info@gencs.eu.

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