Updated List of Countries and Territories Participating in the Automatic Exchange of Financial Account Information

Dear Customer!

In accordance with the laws of the Republic of Latvia and the Common Reporting Standard (CRS), the bank is required to conduct due diligence on customers' financial accounts to determine the country (or countries) of tax residence for each customer. Furthermore, in cases stipulated by normative acts, the bank is obliged to provide the State Revenue Service (SRS) with information regarding its customers, as well as the ultimate beneficial owners (UBOs) of corporate customers or entities that derive passive income.

Due to changes in the regulatory framework of the Republic of Latvia, the list of countries and territories participating in the automatic exchange of information on financial accounts has been updated. The following jurisdictions have been added to this list:

• Armenia;
• Maldives;
• Moldova;
• Ukraine.

In connection with the above, we kindly ask you to review the information held by RIB regarding your country (or countries) of tax residence and Taxpayer Identification Number (TIN), as well as, where applicable, the information regarding the country (or countries) of tax residence and TIN of the ultimate beneficial owner (UBO) of a Passive Non-Financial Entity (Passive NFE), and ensure that this information is complete, accurate and up to date. You can verify whether the information previously provided to RIB is up to date by logging into your Internet Banking account and accessing the “Customer Questionnaire” section.

If your tax residency status or, where applicable, that of the UBO has changed, or if the information previously provided is incomplete, inaccurate or no longer up to date, we kindly ask you to update it by December 31, 2026 by submitting a completed “Tax Residency Declaration of a Customer” to the bank or by updating the relevant information in the “Customer Questionnaire” section of Internet Banking.

If, in accordance with applicable normative acts, your financial account is classified as a "reportable account" (under the CRS), the bank is required to provide relevant information regarding this financial account and its holder. Furthermore, if the customer and account holder is a legal entity or arrangement classified as a "Passive Non-Financial Entity" (Passive NFE), information must be provided regarding its beneficial owners (controlling persons) who are tax residents in jurisdictions subject to the exchange of information under the Common Reporting Standard (CRS).

The information specified in normative acts — including personal data of customers and/or their beneficial owners (UBOs), as well as details regarding the balance of each financial account — are processed and submitted to the State Revenue Service (SRS) of Latvia. Subsequently, this information is transmitted to the tax administration of the country in which the customer and/or their beneficial owner is a tax resident; this is carried out in accordance with the procedures and for the purposes established by the laws of the Republic of Latvia. This applies to the Law "On Taxes and Duties," the Credit Institutions Law, and Cabinet Regulation No. 20 of January 5, 2016 "Procedures by which a Financial Institution Applies the Due Diligence Procedures to Financial Accounts and Provides Financial Account Information to the State Revenue Service".

The bank will submit information on CRS reportable financial accounts for the reporting year of 2026, including information on financial account balances or values as at December 31, 2026, to the State Revenue Service (SRS) of Latvia no later than July 31, 2027.

Should you have any questions, please contact your relationship manager, who will provide the necessary information and respond to your inquiries as soon as possible.

Further information on the applicable legislation and jurisdictions participating in the CRS exchange of information is available:

•  Law “On Taxes and Fees”;
• Cabinet Regulations No. 20 “Procedures by which a Financial Institution Applies the Due Diligence Procedures to Financial Accounts and Provides Financial Account Information to the State Revenue Service”;
• List of Participating Jurisdictions you can find HERE. 

This notice is provided for informational purposes only.
RIB encourages customers to verify the accuracy of the information regarding their country (or countries) of tax residence and their Taxpayer Identification Number (TIN).

Thank you for your cooperation!