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Latvian banks report suspicious financial transactions to SRS every day

Photo: facebook.com/vidgovlv.
Latvian banks submit reports regarding suspicious transactions performed by their clients every day to the State Revenue Service (SRS), said representative of Association of Latvian Commercial Banks and Citadele Bank’s board member Uldis Upenieks.

He says that as soon as banks spot potentially suspicious transactions they submit appropriate information to SRS or Money Laundering Prevention Service. Such cases are uncovered and reported every day.

Upenieks also adds that bank analysts’ evaluation of suspicious transactions is subjective. Information is properly assessed by appropriate services. Most often suspicions are associated with too many cash transactions – this is a sign of payment of envelope wages.

The representative of the association notes that Latvian banks have a lot of experience dealing with suspicious transactions and money laundering activities. Association of Latvian Commercial Banks has developed high standards.

As for new requirements for finance institutions to report about clients whose account turnover exceeds EUR 15,000 a year, Upenieks says they will not cause problems for banks. This limit was set by SRS.

Last year, Saeima approved amendments to the Law on Taxes and Duties. Those amendments provide a duty for credit institutions and payment service providers to submit information about its clients to SRS once a year. This applies to private persons whose debit or credit turnover exceeded EUR 15,000 in the previous year.

Saeima’s Budget and Finance Committee plans to discuss this measure at the next meeting.


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