Banks, Financial Services, Latvia, Legislation
International Internet Magazine. Baltic States news & analytics
Tuesday, 23.04.2024, 12:02
Baltic International Bank considers the fine of FCMC as disproportionate, plans to appeal
Therefore Baltic
International Bank considers the administrative fine imposed by the FCMC
and reproach about deficiencies in the internal control systems during the
period from 2014 as disproportionate. FCMC started the investigation process in
the Bank two years ago – in the beginning of 2018. It included the period from
2014, when the control of the customers and transactions were determined by the
laws and regulations that are drastically different from the current. Bank
considers that it’s arguments were not heard and listened to in essence during
the period of almost two years.
Bank has
achieved a lot in the strengthening of it’s ICS and expects a fair decision of
regulator, not to permit the situation that year’s old supervision and control
is measured with the today’s standards, although drastically different banking
laws and regulations were valid during this period, several years ago.
Baltic
International Bank
obeys the law, fulfils banking sector regulating documents and requirements
developed by the FCMC. Following the legislative changes in regards to the
changes in the Law on the Prevention of Money Laundering and Terrorism and
Proliferation Financing (AMLTPF) in 2016, Bank has performed all required
tests, customer control, closed accounts of unsuitable customers.
Accordingly
to new requirements Bank has updated and continues to upgrade several
processes – Bank actively improves the
internal control and supervision systems, implementing world renowned IT
systems tested in the financial market, invests in the raising of it’s employees
professionalism and qualification, also Bank purposefully modernizes and
automatizes a range of procedures. Every year Bank invests close to one million
euros to strengthen it’s activities in the AMLTPF area and constantly adapt to
the changing challenges and regulatory framework of the sector. Baltic International Bank wants to emphasize
that it is the only private bank in Latvia that has invited internationally
recognized AML area rating agency from USA Sigma Ratings that during the
January 2019 evaluated Bank’s ICS with rating BBB+, placing it amongst industry
leaders and attesting compliance of ICS with the Bank’s chosen model and
customer portfolio. Already currently Bank cooperates with international
auditor companies representing the Big Four to proactively strengthen the ICS
area.
We would
like to emphasize that the decision adopted by the commission will not impact
the customers of the Bank and daily operations of the Bank. Baltic
International Bank is a reliable and stable participant of the financial
market in Latvia and partner in Europe for 26 years’ already.
Baltic International
Bank has been
operating in the Latvian financial market for 26 years and is one of the most
experienced banks in the field of individual customer service in Latvia. The
Bank provides high quality products and services tailored to the individual
financial needs of its customers, as well as investment solutions based on the
sustainable ESG (Environmental. Social. Governance) principles. Baltic
International Bank cooperates with the Baltic and global leading capital
management companies simultaneously facilitating capital growth for investors
and taking care of the environment. The corporate values of Baltic
International Bank are expertise, reliability and succession.