April 5 2016
The Latvian Finance and Capital Market Commission has established a new structural unit – the Compliance Control Department, informs LETA.
The new department will supervise the finance and capital market players regarding the prevention on money laundering and terrorism financing, develop legislation for this area and ensure compliance with the national and international sanctions requirements. Peters Putnins, when taking up the position of the chairman of the Finance and Capital Market Commission, named strengthening of the financial sector’s reputation in the fight against money laundering and terrorism financing as one of the most important tasks. The new department will have five divisions – the Banking Supervision Division, the Non-Banking Supervision Division, the Transactions Monitoring Division, the Legislative and Regulatory Division, the Sanctions and Compliance Division.