System of Internal Control
RIB* observes the international legal acts and legal acts of the Republic of Latvia which regulate Prevention of Legalisation of Proceeds Derived from Criminal Activity and Financing of Terrorism and compliance with sanction lists (AML/CTF/Sanctions).
The internal control system of RIB* is based on the "KYC – Know Your Customer" principles. Policies and procedures for AML/CTF/Sanctions, as well as mechanisms of supervision, are developed on the basis of the following documents:
- Latvian Republic legislation. The key normative acts on AML/CTF/Sanctions adopted and effective in Latvia are as follows:
- Regulatory provisions for credit institutions and licensed payment and electronic money institutions on enhanced customer due diligence. “Regulations on Enhanced Customer Due Diligence for credit institutions, licensed payment institutions and electronic payment institutions”.
- Regulation No. 1071 of 22.12.2008 of Cabinet of Ministers of the Republic of Latvia “Regulation on unusual transaction indicator list and procedure for reporting unusual and suspicious transactions”.
- The FATF recommendations. International standards on combating Money Laundering and the financing of terrorism & proliferation
- Wolfsberg Questionnaire
- Guidelines of Basel Committee on Banking Supervision
- Regulations and guidelines issued by the Financial and Capital Market Commission of Republic of Latvia
- USA Patriot Act
The Bank ensures compliance with Sanction lists requirements defined by EU Regulations, OFAC and UN Regulations.
The most important processes that ensure ML/TF/Sanctions risk management in the Bank are as follows:
- Identification and assessment of risks
- Proper governance arrangements
- The three lines of defence
- Customer acceptance procedures:
- Customer and beneficial owner identification, verification
- understanding of the intended purpose and nature of the business relationship
- Customer risk profiling and determining the extent of the applicable due diligence measures
- Ongoing monitoring
- Detection and reporting of unusual and suspicious transactions
- Management of information – record keeping and updating of information
- Training of Bank employees
To get additional information about AML in our bank, please, contact Customer Info Service:67 359 000 or write to firstname.lastname@example.org, and our specialists will provide answers to all questions you are interested in.
* In the Register of Enterprises of the Republic of Latvia bank is registered as Joint stock company „Regionala investiciju banka”