AS LPB Bank

Know Your Customer

Anti-Money Laundering and Combating the Financing of Terrorism

One of LPB Bank'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 Regulatory provisions of the Financial and Capital Market Commission for credit institutions and licensed payment and electronic money institutions on enhanced customer due diligence (09.01.2018.), 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 "LPB Bank" 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.

The Bank's Sanction Risk Management Policy

  • The Bank, in its activities, complies with the prohibitions imposed by OFAC sanctions and prevents the settlement of transactions that contradict these prohibitions.
  • The Bank fully applies the implementation of OFAC sanctions for both operations and financial services in US dollars and in any other currency.
  • The Bank invests all necessary resources - both IT resources and staffing resources in order to timely prevent obstacles that impede the implementation of the OFAC sanctions.
  • The Bank provides that its internal control system is sufficient and appropriate to comply with OFAC sanctions.

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