The independent audit organized by FCMC in Latvian banks has been completed

News - December 1, 2016

As of November of this year, 12 Latvian banks which are focussed on serving foreign clients had completed independent testing performed by US consultants using a common methodology. The independent testing evaluated the compliance of internal control systems with US standards for the prevention of the legalisation of illegally-obtained funds and financing terrorism, and recommendations have been prepared for further improvement.

Latvia’s banks comply with EU and Latvian operational standards. Therefore, compliance with US requirements is additional affirmation that Latvia’s banks wish to work within the strictest best practice standards, thereby exceeding the requirements set by EU and Latvian regulatory acts. Fulfilment of these quality standards also strengthens the reputation of Latvia’s banking sector and cooperation with foreign correspondent banks, moreover the testing process provided valuable experience and increased the practical knowledge of bank employees.

In recent years, Latvia’s banks, including Baltic International Bank, have made significant investments for the prevention of money laundering by improving training and increasing staff numbers as well as developing and improving IT software. The banks are constantly improving their operating standards and international competitiveness. Now, thanks to working with the consultants banks have also gained US best practice and experience.

All the tested banks plan to adapt the recommendations to their operations and accordingly implement them by the end of 2017, thereby improving their control systems and provision of services, at the same time continuing to focus on providing their customers with the best offers and service.

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