ANTI-MONEY LAUNDERING AND COMBATING THE FINANCING OF TERRORISM AND PROLIFERATION

One of Magnetiq Bank priorities is the safekeeping and protection of its own and its Clients’ business reputation, by eliminating the involvement of the Bank in Money Laundering and Terrorism and Proliferation Financing.

That is why the Bank, on a regular basis, carries out measures to prevent Money Laundering and Terrorism and Proliferation Financing in order to ensure that Client account operations are in compliance with the requirements of the Republic of Latvia legislation and the international standards in this area. According to the Republic of Latvia law “On the Prevention of Money Laundering and Terrorism and Proliferation Financing” of August 13, 2008, and the Regulatory provisions of the Financial and Capital Market Commission “Regulations on the Establishment of Customer Due Diligence, Enhanced Customer Due Diligence and Risk Scoring System and information technology regulatory requirements” (effective from 01.02.2020), as well as, based on Basel Committee recommendations (www.bis.org), Wolfsberg principles (www.wolfsberg-principles.com) and FATF recommendations (www.fatf-gafi.org), in the process of account opening, it is necessary to provide:

The Bank is also entitled to ask for additional information and/or documents related to the account opening and/or further activity from the Client. The Bank guarantees confidentiality of received information, as well as secrecy of the Client’s personal data and information about accounts, deposits and transactions, according to the order stated in regulations of the Republic of Latvia.

Mutual trust in relationships enables quick and reliable execution of transactions, that is why, when attracting Clients and choosing cooperation partners, Magnetiq Bank adheres to the principles of “Know Your Client” policy. If the Bank has completed and up-to-date information about the Client and its activities, the Bank is ready for a productive and long-term cooperation, providing high-quality of service and protecting interests of its Clients.