Do AML regulations apply to you?
Credit institutions and providers of financial services
- Credit institutions
- Investment management companies and brokers
- Currency traders
- Payment institutions and electronic money institutions
- Consumer loan and leasing providers
- Other financial service providers
Providers of accounting, auditing and legal services
- Providers of outsourced accounting services
- Tax consultants
- Sworn auditors and their commercial companies
- Sworn notaries
- Sworn lawyers
- Providers of outsourced legal services
- Insolvency practitioners
Real estate agents and brokers
- Real estate agents
- Real estate brokers
- Real estate consultants
- Letting agents
Retailers and providers of other services
Virtual currency providers
- Cash collection service providers
- Debt collectors
- Vehicle dealers
- Dealers in precious metals and gemstones
- Art and antique dealers
- Leasing service providers
Pricing of our services
Documents included in the packages will be prepared in Latvian or English. They will be delivered to you in a printed form, bound together and organised in corresponding folders, so all that’s left to you would be signing the board decisions and orders for implementation of the internal control system. Additionally, templates for the most commonly used documents will be sent to the email address listed by you in the format of editable MS Word un MS Excel documents, which you will have to fill in and print out already after the instruction has been implemented. Documents are delivered at a previously arranged time on working days, within the city borders of Riga.
How does doku.lv work?
Do AML regulations and the regulations of sanctions law apply to you? Get in touch with us to find out all about AML regulations and the documents required for compliance with them.
Documents of our internal control systems ensure compliance with the Law on the Prevention of Money Laundering and Terrorism Financing, the Law On International Sanctions and National Sanctions of the Republic of Latvia and the law On Taxes and Duties.
The preparation of documents according to the relevant regulations is ensured by experienced law professionals.
Receive the AML documents you require both electronically and in printed form.
If the AML regulations apply to your field of business:
What is AML?
AML is an abbreviation of the internationally used term anti-money laundering, which includes the fight against legalisation of financial resources and other property obtained in unlawful ways, to prevent the involvement of the financial system and providers of various services in various stages of the legalisation of unlawfully obtained resources.
Considering the international fight against terrorism, AML also includes methods and certain actions intended to prevent the involvement of the financial system, as well as providers of various other services in the financing of terrorism, both in direct and indirect ways.
In Latvia, the concept of AML is also connected with the fight against tax avoidance. For that reason, AML documents in Latvia include the requirements pertaining to provision of information to the State Revenue Service in connection with detected tax violations or the exploitation of the tax system in a malicious way.
What are the AML requirements?
AML requirements in Latvia are determined by the Law on the Prevention of Money Laundering and Terrorism Financing. Some requirements regarding the actions and measures that should be taken to avoid participation in laundering of criminal proceeds are also determined in other legislation, including the law On Taxes and Duties and the Law On International Sanctions and National Sanctions of the Republic of Latvia.
What documents are necessary for the implementation of the AML internal control system?
- Internal instruction, including in itself everything necessary for compliance with the Law on the Prevention of Money Laundering and Terrorism Financing, the Law On International Sanctions and National Sanctions of the Republic of Latvia and the law On Taxes and Duties.
- Internal risk assessment
- Criteria for customer risk assessment
- Customer data forms – customer questionnaires
- Customer due diligence and risk assessment form
- Enhanced customer due diligence form
- Form for determination of unusual or suspicious transactions
- List of indications for unusual or suspicious transactions
- Forms for reporting suspicious transactions to the Financial Intelligence Unit and State Revenue Service
- Register of reports to the Financial Intelligence Unit and State Revenue Service
- Document destruction statement
- Training registration log
- Board decisions regarding the operation of the internal control system
- And others
Why entrust the preparation of AML documents to Doku.lv?
AML is one of the most dynamic fields of law because, as the public awareness and understanding of the necessity to spot both money laundering processes and terrorism financing networks in due time is changing, the changes to legislation related to this field are made more and more often.
It’s not a secret that the monitoring and control institutions can apply various penalties for non-compliance with AML laws to subjects under their supervision, including fines of up to 1 000 000 EUR for subjects outside of the banking sector or up to 10% of the total yearly turnover for entities operating in the financial sector. To prevent this, every business the AML regulations apply to should carefully follow the documents of their internal control system to ensure their compliance with the relevant laws. However, it’s only understandable that the biggest importance in the day to day operations of every business is assigned to matters regarding their main field of operation and that’s why matters like AML compliance don’t receive much attention. That is, until the moment when the monitoring and control institution requests to immediately provide the documents they’re interested in. For these reasons, it’s useful to entrust the preparation of documents to someone else, who is well-versed in any changes within the field of AML and can prepare any necessary additions or modifications to the documents of your internal control system in due time.
That’s exactly what the Doku.lv team offers to you – we’ll prepare additions and modifications to the documents of your AML internal control system if there any changes to the relevant legislation. We will also provide legal representation for you in AML matters and eliminate any problems in the documents of the internal control system that the monitoring and control institutions have pointed out.
Entrust the preparation of documents to us
To ensure the production of documents and provide legal assistance in matters pertaining to AML, complying with all of the requirements of the AML law, sanctions law and the law On Taxes and Duties, the documentation of every Doku.lv customer is prepared by experienced law professionals.
Doku.lv offers to prepare the relevant AML documents, as well as legal assistance in AML matters
Doku.lv are a team of legal professionals, who offer help with the practical application of AML (Anti-Money Laundering) procedures.
Internal control system
- Internal instruction for compliance with the Law on the Prevention of Money Laundering and Terrorism Financing
- Internal instruction for compliance with sanctions laws
- AML questionnaires for clients
- Client identification forms
- Client investigation forms
- Suspicious transaction report form
- Report registration journal
Educational materials on AML systems
- Action diagrams for implementing the instruction
- The indications of unusual and suspicious transactions
- Methodological materiāls for implementing the instruction
- Typologies of money laundering
- Explanations to clients about the AML system
- Data protection regulations and handling of personal data
Legal assistance regarding AML regulations
- Preparation of specialised AML documents according to the client’s request
- Preparation of specialised client risk assesments
- Legal representation in disputes with AML monitoring and control institutions
- Representation in legal proceedings regarding the sanctions applied for violation of AML regulations
- Consulting in the matters pertaining to the compliance with international sanctions
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