Legislation

JSC “Rietumu Banka” operates in accordance with the following international laws, laws of the Republic of Latvia, laws and regulations, and recommendations covering the field of Anti-Money Laundering and Combating the Financing of Terrorism and Proliferation (unofficial translation of titles of laws and regulations is provided):

• REGULATION (EU) 2015/847 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 May 2015 on information accompanying transfers of funds and repealing Regulation (EC) No 1781/2006
• 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)
• 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)
• 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. 138 “Regulations regarding the countries and international organisations which have drawn up the lists of those persons suspected of being involved in terrorist activity or production, possession, transportation, use or distribution of weapons of mass destruction” (In force since 11.03.2016)
• Regulations of Bank of Latvia No. 176 “Requirements for the Prevention of Money Laundering and Terrorism and Proliferation Financing and Sanctions Risk Management upon the Purchase and Sale of Cash in Foreign Currencies” (In force since 19.07.2019)
• FCMC regulations No. 3 “Regulations regarding establishment and maintenance of credit institutions correspondent relations” (In force since 13.01.2021)
• FCMC regulations No. 4 “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” (In force since 13.01.2021)
• FCMC regulations No. 5 “Regulations on the establishment ofa customer Due Diligence, an enhanced customer Due Diligence and numerical risk scoring system and information technology requirements” (In force since 01.02.2021)
• FCMC regulations No. 101 “Regulations on money laundering and terrorist financing and proliferation risk management” (In force since 29.07.2020)
• FCMC regulations No. 125 “Regulations regarding provision of staff resources and staff training for money laundering and terrorist financing risk management” (In force since 19.08.2020)
• FCMC regulations No. 144 “Regulations on information accompanying money transfers” (In force since 13.09.2019)
• FCMC regulations No. 148 “Regulations on the implementation of an independent assessment of the internal control system for the prevention of money laundering and the financing of terrorism and proliferation” (In force since 15.09.2020)
• FCMC regulations No. 182 “Regulations on the Due Diligence of payment service providers and monitoring of the transactions thereof” (In force since 08.10.2020)
• FCMC regulations No. 183 “Regulations for the preparation of a report on payments made by customers of a credit institution using a network of correspondent banks” (In force since 08.10.2020)
• FCMC regulations No. 82 “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” (In force since 01.01.2022)
• FCMC regulations No. 241 “Regulations on the procedure whereby a person submits and the Financial and Capital Market Commission considers a report on possible or actual violations of regulations governing the financial and capital market” (In force since 12.01.2021)
• 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

The translation of laws and regulations of Latvia is available here:
https://www.bank.lv/en/legislation, likumi.lv