In its daily operations with customers and in performing transactions in customers’ accounts, the bank strictly observes national and international sanctions, inter alia, those imposed by the European Union, the United Nations Organization, and the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury. The bank is obliged to observe requirements set forth in normative acts with regard to the observation of sanctions; therefore, the bank carries out enhanced inspection of payments and may request additional information and/or documents regarding incoming and outgoing payments.
Sanctions are restrictive measures imposed by international public law and approved by international organisations and/or countries with regard to particular countries, particular subjects of sanctions (terrorists, persons accused of military and political crime, extremist organisations, etc.), or particular activities.
The following types of sanctions are distinguished:
The Bank strongly recommends obtaining and verifying information regarding potential partners and their areas of activity prior to commencing cooperation, as well as updating the obtained information during cooperation paying particular attention to transactions that involve persons from regions and jurisdictions subject to sanctions.
Information on sanctions programmes and countries subject to sanctions is available on the following websites:
Law On International Sanctions and National Sanctions of the Republic of Latvia
All about Sanctions Enforcement Procedures and Compliance Issues in Latvia:
https://sankcijas.fid.gov.lv/
https://www.mfa.gov.lv/lv/sankcijas
https://www.bank.lv/darbibas-jomas/uzraudziba/finansu-noziegumu-noversana/sankcijas
https://www.bank.lv/darbibas-jomas/uzraudziba/finansu-noziegumu-noversana/sankcijas-pret-krieviju-un-baltkrieviju
Sanctions finder – the finder by individuals or legal entities or other identifiable subjects (e.g., media channel, paramilitary group) whereon the sanctions of the United Nations Organisation (‘UNO’), the European Union (‘EU’) or national sanctions of the Republic of Latvia have been imposed.
It should be taken into account that the sanctions finder contains information only on the subjects included on sanctions lists, whereon targeted financial sanctions have been imposed. The finder does not contain information on other types of sanctions (e.g., restrictions on the circulation of goods and services, other types of restrictions). The finder does not show the sanctions individually imposed by the EU or North Atlantic Treaty Organisation (NATO) member states (e.g., sanctions individually imposed by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury, by the United Kingdom).
https://sankcijas.fid.gov.lv/sankciju-mekletajs
Information on sanctions imposed by OFAC (finder)
List of US sanctions programmes and their description by countries/regions
Normative acts in the field of observance of sanctions
Guidelines and explanations in the field of sanctions
EU Sanctions Helpdesk
EU Sanctions Helpdesk is the European Union support service to assist European economic operators, especially small and medium enterprises (SMEs), in observing EU sanctions across the world.
The basis of the Helpdesk is the support service that offers personalised assistance to companies that carry out sanctions checks. The Helpdesk team manages an especially created website, publishing and maintaining up-to-date information related to sanctions, news on measures, advices, findings and other information. The Helpdesk covers all UNO and autonomous EU restrictive measures (sanctions).
Entrepreneur, if you represent a small or medium enterprise and require a sanctions risk check or advice on your transactions or partners, feel free to use the support provided by the EU Sanctions Helpdesk!
EU Sanctions Helpdesk
Informative material on the EU Sanctions Helpdesk
Please note that given high money laundering and financing of terrorism risks, the bank reserves the right to reject transactions related to the following countries:
The bank encourages to exercise particular caution in choosing partners and performing transactions related to these countries.
Should you require finding out additional information regarding prevention of money laundering and observance of sanctions requirements at our bank, please write to [email protected], and our specialist will answer any questions of your concern.