Legislation

Within its operations, JSC “Rietumu Banka” complies with the following international and the Republic of Latvia laws, regulations, and recommendations on anti-money laundering and combating the financing of terrorism and proliferation (the list is not exhaustive; provided is the unofficial translation of the titles of the Bank of Latvia regulations):

• Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain crypto-assets and amending Directive (EU) 2015/849
• The Republic of Latvia Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing (in force since 13.08.2008)
• Law on International Sanctions and National Sanctions of the Republic of Latvia (In force since 01.03.2016)
• The law of the Republic of Latvia about International Convention for the Suppression of the Financing of Terrorism (In force since 09.10.2002)
• Law on International Sanctions and National Sanctions of the Republic of Latvia (In force since 01.03.2016)
• Regulations of Cabinet of Ministers No. 392 “Procedures by which the Subject of the Law on the Prevention of Money Laundering and Terrorism Financing Performs the Remote Identification of a Customer” (In force since 06.07.2018)
• Regulations of Cabinet of Ministers No. 530 “Regulations on sample form of the report for violations in the field of prevention of money laundering and terrorism and proliferation financing” (In force since 22.11.2019)
• Regulations of Cabinet of Ministers No. 550 "Rules on the procedure and content of the submission of suspicious transaction reports and threshold declarations" (In force since 01.10.2021)
• The Bank of Latvia regulation No. 278 “Regulation on Provision of Human Resources for Management of Money Laundering and Terrorism and Proliferation Financing Risk and on Requirements to Personnel Training” (in force since 01.07.2024)
• The Bank of Latvia regulation No. 301 “Regulation on the Information about the Clients and Client Transactions to be Supplied by Credit Institutions to the Bank of Latvia, Its Scope, and Presenting Requirements” (in force since 02.08.2024)
• The Bank of Latvia regulation No. 316 “Requirements for Client Risk Scoring, Client Due Diligence, Client Enhanced Due Diligence, and Information Technology Solutions under the Management of Money Laundering and Terrorism and Proliferation Financing Risk and Sanctions Risk” (in force since 20.09.2024)
• The Bank of Latvia regulation No. 337 “Regulation on Reporting Possible or Actual Violations of the Financial Market Regulatory Legislation to the Bank of Latvia and Processing Thereof” (in force since 15.11.2024)
• The Bank of Latvia regulation No. 351 “Regulation on Cooperation with Third Parties for Client Identification and Due Diligence” (in force since 01.01.2025)
• The Bank of Latvia regulation No. 359 “Regulation on Management of Money Laundering and Terrorism and Proliferation Financing Risk” (in force since 01.01.2025)
• The Bank of Latvia regulation No. 365 “Regulation on Independent External Audit of the Internal Control System for Countering the Money Laundering and Terrorism and Proliferation Financing” (in force since 01.01.2025)
• The Bank of Latvia regulation No. 383 “Regulation on Reporting the Payments Made within Correspondent Relations between Credit Institutions and the Payments Made by and to the Credit Institution Clients” (in force since 01.01.2025)
• Directive 2014/42/EU of the European Parliament and of the Council of 3 April 2014 on the freezing and confiscation of instrumentalities and proceeds of crime in the European Union
• Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC
• Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, and amending Directives 2009/138/EC and 2013/36/EU
• FATF Recommendations
• Wolfsberg principles
• Basel Committee recommendations
• USA Patriot Act