Anti-Money Laundering
The Mortgage and Land Bank of Latvia, its head office, branches
and subsidiaries are subject to the laws tailored to combat money laundering and
terrorist financing in Latvia. The national legislation is approximated to the
European Union anti-money laundering regulations and standards.
The Bank has
adopted the measures and procedures on prevention of the use of its financial
services for the purpose of money laundering and financing terrorism. The Bank
has enforced Anti-Money Laundering Policy, including:
- the internal control and auditing system;
- procedures for the identification of its customers and business partners,
unusual and suspicious transactions;
- monitoring of suspicious activities;
- reporting on suspicious and unusual transactions;
- training of the staff.
Know-Your-Customer (KYC) Practices
In accordance with the
Bank’s AML policies, the Bank applies KYC procedures when opening the accounts
and establishing and maintaining a customer relationship. KYC practices include:
- identifying, interviewing and checking of the customers;
- knowing the economic activities of the customers, understanding the expected
activities of the customers;
- procedures for the identification of the actual beneficiaries;
- checking of the business partners (Know Your Customer’s Customers);
- regular updating of the information about the customers.
You are
welcome to read "USA Patriot Act Certification".
