Internal Control System

RIB observes Latvian and international legal acts regulating the prevention of money laundering, financing of terrorism, proliferation, as well as the observance of sanctions requirements (AML/CFTP and sanctions). RIB’s internal control system has been developed based on the fundamental principles of “KYC – Know Your Customer”.

Most crucial processes ensuring risk management in the field of AML/CFTP and sanctions:

Risk identification and assessment
Due ML/FTP and sanctions risk management
Principle of three protection lines
Detection of and reporting on unusual and suspicious financial transactions
Monitoring of customer’s activity and transactions
Observance of sanctions set by UNO, OFAC, EU, the Republic of Latvia
Potential customer’s acceptance procedures:
- Customer identification, verification
- Determination, confirmation of a real beneficial owner
- Determination of the nature of planned cooperation (determination and verification of customer’s partners, scheme of operation, origin of funds, and welfare)
- Determination of the customer’s risk profile, adoption and accounting of decisions
Information flow management – storage and regular updating of information
Continuous training of Bank’s employees

Informative materials for customers on the requirements and fundamental principles of AML/CFTP and observance of sanctions, observed by the Bank in its operations: