Legal acts in the AML/CFT area

  • Section:
AML/CFT Laws/ Regulations Link to legal act Binding to
Law On the Prevention of Money Laundering and Terrorism Financing

 

 

 

 

 

https://likumi.lv/ta/en/en/id/178987-law-on-the-prevention-of-money-laundering-and-terrorism-and-proliferation-financing Banks;

Foreign bank branches;

Securities (Investment brokerage companies (investment firms), Investment management companies);

Life Insurances (Life insurance companies, Life insurance intermediaries, Reinsurance companies);

Money service businesses (Payment institutions,Electronic money institutions);

Private pension funds;

Credit unions;

Alternative investment funds managers.

Law On the Financial and Capital Market Commission https://likumi.lv/ta/en/id/8172-law-on-the-financial-and-capital-market-commission
FCMC Recommendations for banks and financial institutions to establish and research politically exposed persons, their family members, and closely-related persons and to monitor transactions https://www.fktk.lv/en/law/credit-institutions/fcmc-regulations-en/recommendations-for-credit-institutions-and-financial-institutions-to-establish-and-research-politically-exposed-persons-their-family-members-and-closely-related-persons-and-to-monitor-transactions/

 

FCMC Recommendations to Credit Institutions for Determining the Source of Customer Funds and Wealth https://www.fktk.lv/en/law/credit-institutions/fcmc-regulations-en/recommendations-to-credit-institutions-for-determining-the-source-of-customer-funds-and-wealth Banks;

Foreign bank branches.

FCMC Recommendations for non-face-to-face customer identification https://www.fktk.lv/en/law/credit-institutions/fcmc-regulations-en/recommendations-for-non-face-to-face-customer-identification/ Banks;

Foreign bank branches.

FCMC Regulatory provisions for credit institutions and licensed payment and electronic money institutions on enhanced customer due diligence

 

https://www.fktk.lv/en/law/credit-institutions/fcmc-regulations-en/regulatory-provisions-for-credit-institutions-and-licensed-payment-and-electronic-money-institutions-on-enhanced-customer-due-diligence/ Banks;

Foreign bank branches;

Licensed Payment institutions;

Licensed Electronic money institutions.

FCMC Regulations for Cooperation with Third Parties and Requirements for Business Relations with the Customers whose Identification or Due Diligence is  Performed Using Third Party’s Services https://www.fktk.lv/en/law/credit-institutions/fcmc-regulations-en/regulations-for-cooperation-with-third-parties-and-requirements-for-business-relations-with-the-customers-whose-identification-or-due-diligence-is-performed-using-third-partys-services/ Banks;

Foreign bank branches;

Payment institutions;

Electronic money institutions.

FCMC Regulations on the Collection of Information on Customers of a Credit Institution and Their Transactions, and Submission of the Information to the Financial and Capital Market Commission https://www.fktk.lv/en/law/credit-institutions/fcmc-regulations-en/regulations-on-the-collection-of-information-on-customers-of-a-credit-institution-and-their-transactions-and-submission-of-the-information-to-the-financial-and-capital-market-commission/ Banks;

Foreign bank branches.

FCMC Regulations regarding Provision of Staff Resources and Staff Training for Money Laundering and Terrorist Financing Risk Management https://www.fktk.lv/en/law/credit-institutions/fcmc-regulations-en/regulations-regarding-provision-of-staff-resources-and-staff-training-for-money-laundering-and-terrorist-financing-risk-management/ Banks;

Foreign bank branches.

FCMC Regulations regarding Provision of Information Technology for Money Laundering and Terrorist Financing Risk Management https://www.fktk.lv/en/law/credit-institutions/fcmc-regulations-en/regulations-regarding-provision-of-information-technology-for-money-laundering-and-terrorist-financing-risk-management/ Banks;

Foreign bank branches.

FCMC Recommendations for payment institutions and electronic money institutions in the anti-money laundering and counter-terrorist financing area https://likumi.lv/doc.php?id=262873

(available in Latvian)

Payment institutions;

Electronic money institutions.

FCMC Regulations regarding Due diligence and transaction monitoring of providers of payment services https://www.fktk.lv/en/law/credit-institutions/fcmc-regulations-en/fcmc-regulations-regarding-due-diligence-and-transaction-monitoring-of-providers-of-payment-services-available-in-latvian/

 

(available in Latvian)

Banks;

Foreign bank branches;

Licensed payment institutions and electronic money institutions;

Foreign payment institutions’ and electronic money institutions’ branches.

FCMC Regulations regarding establishment and maintenance of credit institutions  correspondent relations https://www.fktk.lv/en/law/credit-institutions/fcmc-regulations-en/fcmc-regulations-regarding-establishment-and-maintenance-of-credit-institutions-correspondent-relations-available-in-latvian/

 

(available in Latvian)

Banks;

Foreign bank branches.

 

Recommendations to Credit Institutions for Identifying the “Red Flags” of Suspicious Transactions https://www.fktk.lv/en/law/credit-institutions/fcmc-regulations-en/recommendations-to-credit-institutions-for-identifying-the-red-flags-of-suspicious-transactions/ Banks;

Foreign bank branches.

Recommendations to credit institutions and licensed payment and electronic money institutions to reduce the risks associated with the failure to comply with sanctions https://www.fktk.lv/en/law/credit-institutions/fcmc-regulations-en/recommendations-to-credit-institutions-and-licensed-payment-and-electronic-money-institutions-to-reduce-the-risks-associated-with-the-failure-to-comply-with-sanctions-2/ Banks;

Foreign bank branches;

Licensed payment institutions and electronic money institutions;

Foreign payment institutions’ and electronic money institutions’ branches.

FCMC Money Laundering and Terrorist Financing Risk Management Regulations https://likumi.lv/ta/en/en/id/304175-regulatory-provisions-for-the-money-laundering-and-terrorism-financing-risk-management Banks
Regulations on the Establishment of Customer Due Diligence, Enhanced Customer Due Diligence and Risk Scoring System (Effective from 01.12.2019) https://www.fktk.lv/en/law/general/fcmc-regulations/regulations-on-the-establishment-of-customer-due-diligence-enhanced-customer-due-diligence-and-risk-scoring-system Banks;

Foreign bank branches;

Securities (Investment brokerage companies (investment firms), investment management companies);

Life Insurances (Life insurance companies, Life insurance intermediaries, Reinsurance companies);

Money service businesses;

Payment institutions;

Electronic money institutions), Private pension funds;

Credit unions;

Alternative investment funds managers.

Regulations on Conducting an Independent Assessment of an Internal Control System for the Prevention of Money Laundering and Terrorism and Proliferation Financing

 

https://www.fktk.lv/en/law/general/fcmc-regulations/regulations-on-conducting-an-independent-assessment-of-an-internal-control-system-for-the-prevention-of-money-laundering-and-terrorism-and-proliferation-financing/ Credit institutions;

Licensed payment and electronic money institutions and credit institutions;

Licensed payment and electronic money institutions of branches.

FCMC Regulation No 2 “Regulations for Enhanced Customer Due Diligence” (Valid until 30.11.2019)

 

https://www.fktk.lv/en/law/general/fcmc-regulations/fcmc-regulations-no-2-regulations-for-enhanced-customer-due-diligence/ Private pension funds;

Investment brokerage firms;

Investment management companies;

Registered payment institutions and electronic money institutions which do not require a license for operations.

FCMC Regulations No. 3 “Regulatory provisions for credit institutions and licensed payment and electronic money institutions on enhanced customer due diligence” (Valid until 30.11.2019) https://www.fktk.lv/en/law/general/fcmc-regulations/fcmc-regulations-no-3-regulatory-provisions-for-credit-institutions-and-licensed-payment-and-electronic-money-institutions-on-enhanced-customer-due-diligence Banks;

Foreign bank branches;

Licensed payment institutions and electronic money institutions;

Foreign payment institutions’ and electronic money institutions’ branches.

Regulations on sanctions risk management

 

https://www.fktk.lv/en/law/credit-institutions/fcmc-regulations-en/regulations-on-sanctions-risk-management Credit institutions;

Payment institutions and electronic money institutions;

Private pension funds, investment firms;

Investment management companies;

Alternative investment fund managers;

Insurance undertakings in so far as they carry on life assurance or other activities related to funding accumulation;

Insurance intermediaries in so far as they carry on life assurance or other services related to funding accumulation;

Reinsurance service providers and branches of all of the stated subjects.

 

Contacts


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