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.

• 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

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.