Internal Control
System

RIB observes Latvian and international legal acts regulating the prevention of money laundering, financing of terrorism, proliferation, as well as the observance of sanctions requirements (AML/CFTP and sanctions). RIB’s internal control system has been developed based on the fundamental principles of “KYC – Know Your Customer”.

• Risk identification and assessment
• Due ML/FTP and sanctions risk management
• Principle of three protection lines
• Detection of and reporting on unusual and suspicious financial transactions
• Monitoring of customer’s activity and transactions
• Observance of sanctions set by UNO, OFAC, EU, the Republic of Latvia
• Potential customer's acceptance procedures:
  • Customer identification, verification
  • Determination, confirmation of a real beneficial owner
  • Determination of the nature of planned cooperation (determination and verification of customer’s partners, scheme of operation, origin of funds, and welfare) 
  • Determination of the customer’s risk profile, adoption and accounting of decisions 

• Information flow management – storage and regular updating of information
• Continuous training of bank’s employees.