Santa Purgaile, the FCMC Chairwoman: “I am pleased that the work of Latvian authorities has brought the result we all were hoping for; however, the work on combating financial crimes must be continued by refining the nuances of awareness and attempting to reach a more shared understanding of the application of regulatory enactments. The problems outlined by the recipients of services provided by the financial sector clearly demonstrate the need to strengthen a risk-based approach; however, a prerequisite for the successful implementation of this approach is a common understanding of the implementation of regulatory enactments, as well as the ability of all parties to take responsibility. I hope that the development of the manual and intense consultation process will be productive and be a stepping stone for the further development of the Latvian financial sector.”
In recent years, the FCMC has provided for the measures for risk mitigation:
The FCMC has taken a series of measures to strengthen monitoring:
The FCMC has implemented significant measures to improve banking internal control systems:
The measures taken by the FCMC have led to a substantial drop in the credit turnover for high-risk customers in the financial market participants, a significant decrease in the number of shell companies and the development of internal control systems by financial market participants.
In Annex, infographic on measures taken by the FCMC in the field of financial crime prevention.
Further information:
FCMC Communications Division
Phone: +371 67774808
E-mail: dace.jansone@fktk.lv
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