Banks, Financial Services, Latvia

International Internet Magazine. Baltic States news & analytics Friday, 23.10.2020, 03:32

Purgaile: Regulations need to change so banks could employ individual risk

BC, Riga , 30.09.2020.Print version
In order for banks to be able to employ individual risk-based approach to customers, a number of regulations need to be changed in Latvia, Santa Purgaile, head of the Financial and Capital Market Commission (FCMC), told Latvian Radio, cites LETA.

"A year ago, we had to do everything in our power as soon as possible to avoid Latvia's inclusion in the gray list. At that time, we decided that one size would fit all. Now it is clear, however, that this is not so and we have to change things that need to be changed," said Purgaile.

The head of the FCMC pointed out that a manual for banks was prepared in the summer, but it is not enough and several laws and regulations need to be changed so that banks could employ individual risk-based approach.

These include the Law on Credit Institutions as well as the Law on the Prevention of Money Laundering and Terrorism Financing, said Purgaile.

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