Banks, Financial Services, Latvia, Law and Regulations
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Friday, 19.04.2024, 23:54
Latvian financial watchdog adopts rules for banks to report on their customers' transactions
BC, Riga, 29.11.2016.
Print version
Print versionThe Latvian financial watchdog, the Finance and Capital Market Commission (FCMC), has adopted regulations that the banks will have to follow when preparing and submitting to the FCMC information about customers and their transactions, reports LETA.
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The regulations have been developed and approved in order to
improve processing of this information and to ensure effective implementation
of the FCMC functions, the watchdog said.
The regulations establish a uniform procedure and form to be
used by the banks when compiling and submitting to the FCMC information about
customers and their transactions that the financial watchdog needs to perform
its supervisory functions.
All this information will have to be submitted in the
electronic format only, and all banks will have to use the same form to supply
the FCMC with the required information at the prescribed intervals.
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