Latvijas pasta banka

Know Your Customer

Anti-Money Laundering and Combating the Financing of Terrorism

One of Latvijas pasta banka's priorities is the safekeeping and protection of its own and its Customers' business reputation, by eliminating the involvement of the Bank in money-laundering and terrorism financing. 

That is why the Bank, on a regular basis, carries out measures to prevent money-laundering and terrorism financing in order to ensure that Customer account operations are in compliance with the requirements of Latvian legislation and the international standards in this area. According to the Latvian law "On the Prevention of Money Laundering and Terrorism Financing" of August 13,2008, and the requirements of the Financial and Capital Market Commission for "Customer's Enhanced due Diligence" (02/09/08), as well as, based on Basel Committee recommendations (www.bis.org), Wolfsberg principles (www.wolfsberg-principles.com) and FATF recommendations (www.fatf-gafi.org), in the process of account opening, it is necessary to provide:

  • the purpose of account opening;
  • submit detailed information about economic activity;
  • provide data of beneficiary owners.

The Bank is also entitled to ask for additional information and / or documents related to the account opening and / or further activity from the Customer. The Bank guarantees confidentiality of received information, as well as secrecy of the Customer's personal data and information about accounts, deposits and transactions, according to the order stated in regulations of the Republic of Latvia.

Mutual trust in relationships enables quick and reliable execution of transactions, that is why, when attracting Customers and choosing cooperation partners, JSC "Latvijas pasta banka" adheres to the principles of "Know Your Customer" policy. If the Bank has complete and up-to-date information about the Customer and its activities, the Bank is ready for a productive and long-term cooperation, providing high-quality of service and protecting interests of its Customers.

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