Sanctions

JSC Baltic International Bank has developed Sanctions policy in order to comply with the applicable sanctions rules and regulations in the Jurisdictions in which it operates.

The aim of this Sanctions Policy is, pursuant to the Sanctions Act, to ensure the Bank's compliance with the sanctions directly applicable in the Republic of Latvia (European Union and UN sanctions, the OFAC list of terrorists) and, applying internationally accepted best practices and taking into account the sanctions determined by partners of UN member states, to comply with the OFAC sanctions of the US Department of the Treasury and other binding rules and requirements.

The objective of this Policy is achieved through the following means:

  • designating persons and organisational units responsible for sanctions compliance and prevention of risks at Bank, and distributing responsibilities according to the organisational unit levels;
  • applying the Underlying Principles to customer due diligence, supervision and monitoring;
  • obtaining assurance of the origin of funds and further movement of funds, to the extent legally feasible for Bank;
  • establishing and documenting the internal control system (ICS) designated to manage the risk of non-compliance with sanctions;
  • ensuring sufficient resources for activities relating to the establishment, maintenance and development of the ICS;
  • ensuring the real-time and post-control supervision of Customers, their partners, Customers’ transactions and other relevant information according to sanctions regulations and lists;
  • ensuring the necessary external training for Bank’s officers responsible for sanctions compliance;
  • ensuring sufficient human resources and upgrading of their qualifications in view of the scope of objectives.

JSC Baltic International Bank`s Sanctions Policy applies to all Bank’s organisational units and employees/officers involved in rendering, maintaining and supervising Financial services, provided by Bank. This Sanctions Policy apply to all products (services) offered by Bank.

The Bank comply with the following sanctions measures:

  • The United Nations (UN) Security Council consolidated sanctions list;
  • The EU`s consolidated sanctions list of persons, groups and entities;
  • The US Department of the Treasury, Office of Foreign Assets Control sanctions lists (OFAC);
  • The US Department of the Treasury, Financial Crimes Enforcement Network list (FinCen);
  • The UK HM Treasury (HMT), Office of Financial Sanctions Implementations, “consolidated list of targets”;
  • Internal list of entities and persons.