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17,000 suspicious transactions reported in Latvia last year

Sanda Liepina/linkedin.com.
Latvian banks last year submitted to the Latvian anti-money laundering (AML) authority, the Control Service, over 17,000 reports about suspicious transactions, LSM repirted via LETA.

Sanda Liepina, the board chairwoman of the Latvian Association of Commercial Banks, said on the LNT commercial television channel that over 17,000 reports about suspicious transactions had been made to the Control Service in 2016.

It is the responsibility of the Control Service to review those reports and to conduct further investigation where necessary. Last year investigation was started in about 20 percent of the suspicious cases reported to the Control Service.

The head of the banking association said that her organization, in cooperation with the Latvian financial watchdog and the Latvian law enforcement agencies, was seeking to prevent inflow of dirty money to the Latvian financial system as much as possible and to improve global perception of AML standards in Latvia.

In two or three years' time, Latvia should be seen as having some of the highest AML standards globally, Liepina said.


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