Other news

On Friday, 7 February, the Head of the Financial and Capital Market Commission (FCMC), Santa Purgaile, addressed members of the American Chamber of Commerce in Latvia (AmCham) on recent developments in the financial sector. Substantial work has been done to restore the reputation of the Latvian financial sector, however, much needs to be done to support the sector, including developing capital markets and introducing new technologies. Among key FCMC tasks is communication, both international and local, to minimize negative impact on investors willing to do business in Latvia.

FCMC revokes from the day of its issuance the order of the previous FCMC’s Chairman P. Putniņš of 29th April 2019 on suspension of Compliance Control Department Director Maija Treija, recognizing this order as non - substantiated and illegal.

On Thursday, 24 October, the Saeima appointed Santa Purgaile as the Chairperson of the Financial and Capital Market Commission.

Introducing a recommendation of Moneyval, namely, to improve the understanding and application of the legislation on the identification and compliance control of the beneficial owner (hereinafter – the BO) to the participants of the financial and capital markets the Financial and Capital Market Commission (FCMC) carried out an examination of internal documentation developed by 15 banks and five branches of Member States' banks operating in the Republic of Latvia and compiled information on the procedures specified by the banks under which they carry out the identification of the BO and verification of compliance of identified beneficiary.

Pēters Putniņš: "Risk mitigation measures have shifted the focus of banking business. We managed to bring it off. This is a historic turn, and there is no more reason to talk about the free flow of high-risk foreign money in our system. Domestic and EU deposits have reached 91%."