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