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AML Policy

In terms of law, money laundering means legalising the proceeds of crime, i.e. actions that conceal the source of funds in order to make their nature lawful. 

Anti-money laundering (AML) incorporates a complex of measures aimed at prevention of use of the financial system of the country or any specific financial institution for money laundering or terrorist financing. Such measures and instruments are worked out and implemented by international and national institutions, banking and business community.

Aizkraukles Banka’s Approach

Financial institutions employ different approaches to anti-money laundering that help preventing cases of laundering of the proceeds of crime and terrorist financing.

Under its AML Policy, the JSC “Aizkraukles banka” implements the following specific measures in its operations:

  • Our bank’s organisational structure has a top executive who is in charge of supervision over compliance with the JSC “Aizkraukles banka” policies and procedures, the world banking practice and AML regulatory enactments.
  • We trust highly competent personnel of our bank who works in close contact with our customers. These are both customer service specialists and heads of departments and divisions. As part of its Customer Policy, the Bank has Know Your Customer program in place aimed at full understanding and knowledge of our business partners.
  • We improve our AML policy and procedures continuously, and they comply with the requirements of Latvian law and even excel such requirements in some aspects. We make considerable investments in this process and ensure continuous training of our personnel in this area.
  • We purchase and work out independently new technologies that enable us to prevent possible attempts of money laundering.
  • We understand that anti-money laundering and combating terrorist financing is a continuous process that requires constant attention and ability to monitor unlawful financial schemes.
  • We comply with the legal requirements of the Republic of Latvia for anti-money laundering. In cases set forth in the relevant legal enactments, the bank co-operates with officials and government institutions of the Republic of Latvia.  

Activities of Latvian financial institutions, including Aizkraukles Banka, are regulated by a number of laws and regulations in the area of AML: 

  • The Law of the Republic of Latvia «On the Prevention of Laundering of Proceeds Derived from Criminal Activity and Terrorism Financing» of 17.07.2008 regulates identification of the bank’s customers, procedures of reporting unusual and suspicious transactions to government institutions, and other matters related to the AML issues. The law also incorporates legal norms that ensue from 91/308/EEC, 2001/97/EC Directives of the European Union (the text of the law in the English language is available on the Internet at http://www.fktk.lv/en/law/general/laws/law_on_the_prevention_of_laund/).
  • Regulations No. 1071 of 22.12.2008 of the Cabinet of Ministers “Regulation on unusual transaction indicator list and procedure for reporting unusual and suspicious transactions” explain and supplement the above-mentioned law (the document in the English language is available on the Internet at hhttp://www.fktk.lv/en/law/general/laws/regulation_on_unusual_transact/).
  • Regulations of The Financial and Capital Market Commission No. 125 of 27. 08. 2008, „Regulations for Enhanced Customer Due Diligence” provide for the requirements for the enhanced control of the bank’s customer (the document in the English language is available on the Internet at http://www.fktk.lv/en/law/general/fcmc_regulations/20080827_regulations_for_enhan/).
  • The Credit Institution Law of the Republic of Latvia (the document in the English language is available on the Internet at http://www.fktk.lv/en/law/credit_institutions/laws/credit_institution_law).