November 30, 2016
Reliability of the Latvian banking sector as a stable cooperation partner in the financial sector to be promoted. In November of this year an independent testing of 12 banks in Latvia focused on non-resident customer sevice was completed by the US consultants. The Latvian banks were tested against US regulatory standards by comparing AML programs to regulatory requirements set forth in the BSA and implementing regulations, OFAC, the Federal Financial Institutions Examination Council BSA/AML Examination Manual (“FFIEC Manual”), relevant enforcement actions, guidance promulgated by the Financial Action Task Force and industry better practices.The independent testing aim to enhance internal control systems of those banks in the areas of anti-money laundering and countering the financing of terrorism (AML/CFT). It is planned that the banks will implement the recommendations by the end of 2017.