Banks, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Friday, 30.10.2020, 13:27

The issue of problems for companies to open bank accounts in Latvia is being addressed

BC, Riga , 25.09.2020.Print version
The issue of problems for companies to open bank accounts is being addressed, Ints Dalderis (New Unity), adviser to the Minister of Finance Janis Reirs (New Unity), said in an interview with Latvian Television this mornong, writes LETA/BNS.

He noted that signals from companies about the difficulties in opening accounts with Latvian banks have been coming regularly during the last two years since the intensified fight against money laundering and terrorist financing began. "Yes, entrepreneurs on different levels, different industries have made these complaints," Dalderis said.


The adviser to the Minister of Finance also stated that the issue was being addressed, including an analysis of the merits of these corporate complaints, the extent to which banks refuse to open an account on the basis of their internal procedures, and the extent to which this situation depends on the regulatory framework.


Dalderis also noted that Latvia had made the necessary progress in the fight against money laundering to avoid being included in the so-called "gray list" of the Financial Action Task Force (FATF), so hasty steps in the opposite direction would not be taken.


"There is certainly no signal that we are now ready to return to the situation of three, four years ago. (..) We have put our financial sector in order, so we must not take rapid steps in the opposite direction," said the adviser to the Minister of Finance.






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