The safety of your deposits is guaranteed by the deposit guarantee scheme, which has been established pursuant to the Deposit Guarantee Law

Find out more about Deposit Guarantee Law

The Credit Register is a national information system managed by Latvijas Banka. In the Credit Register Latvijas Banka collects, accumulates and stores data on the customers and customers’ guarantors of the Credit Register participants and restricted Credit Register participants, their liabilities and performance thereof.

As of 1 December 2012, the operation of the Credit Register is governed by:

• the Law ”On Credit Register”
• the Latvijas Banka’s “Regulation for the Credit Register“
• Regulation for Electronic Information Exchange with the Bank of Latvia“

Data entered in the Register shall be of informative nature, and it shall not prove the existence or non-existence of the obligations of the client and client’s guarantor or their violations.

Find out more about Credit Register

Protection of investor interests is in accordance with the Financial Instruments Market Law, the Financial Instrument Market Directive MiFID II (2014/65/ES) and the Financial Instrument Market Regulation MiFIR (600/2014)

Find out more about protection of investor interests

These Common Principles have been derived from the Common Principles on Bank Account Switching developed by the European Banking Industry Committee. The aim of the Common Principles is to ensure that current account switching is not complicated for clients, not hampered by unnecessary delay or insufficient support from the banks, and to raise the clients’ awareness of the account switching services.

Information about Common principles on the private individuals account switching is available:

• Information of Finance Latvia Association (lv)
• Account exchange request

Find out more here

The Single Euro Payments Area allows all consumers, companies and government institutions from any European country to make and receive payments in euros across countries as well as within national borders, based on equal provisions, rights and obligations.

The SEPA is intended to equalise the use of payment instruments (SEPA credit transfers, SEPA card payments and SEPA direct debit payments), specifying that both national and cross-border euro payments must be executed with equal speed, security and simplicity.

SEPA payment standards:

• Payment currency – the euro;
• The recipient’s account must be in IBAN format;
• The recipient bank’s identification code (SWIFT/BIC) must be specified;
• The payment applicant pays only the commission fee specified by their bank (covered partially);
• The details of the recipient and the recipient bank must be accurate;
• The payment is sent to a bank in a European Union member country, Iceland, Liechtenstein, Monaco, Norway or Switzerland.

The number of countries that have joined the Global Common Reporting Standard (CRS) for automatic exchange of financial accounts information of the Global Organisation for Economic Co-operation and Development (OECD) has increased.

Latvia has joined the group of adopters of the OECD CRS and to ensure compliance with the requirements of the laws and regulations, JSC Magnetiq Bank is processing Client data subject to reporting and is submitting a report on the Clients’ accounts to the to the State Revenue Service.

The list of countries the tax residents of which are subject to OECD CRS Standard Reporting Requirements, are periodically updated and can be found here: Cabinet of Ministers Regulation No. 20 “Procedures for Financial Institutions on Performing Due Diligence of the Financial Accounts and Submitting Information on Financial Accounts to the State Revenue Service”, in the attachment. (available in Latvian).

We hereby inform you that the requirement to provide information on the Clients’ accounts does not apply to Clients – private individuals and legal entities – which are taxpayers in the Republic of Latvia.

Should you have any questions or inquiries, please contact the Bank in writing via Internet Banking.

Additional information:

• CRS fact sheet issued by the Association of Commercial Banks of Latvia
• OECD website for OECD CRS information exchange

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.

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This information describes the different types of cookies used by Magnetiq Bank in connection with this website from which you are accessing this information. The Bank determines the means and purposes for the processing of personal data described and is (as defined in the General Data Protection Regulation) a controller.

WHAT ARE COOKIES?

A cookie is a small text file sent to your computer or mobile device when you visit a website and it is stored on your computer or mobile device when you open the website. On each subsequent visit, the cookies are sent back to the originating website or to another website that recognizes the cookie. Cookies act as the memory of a specific website, allowing it to remember your computer the next time you visit it, including cookies that remember your settings to improve the visitor’ s experience. For more information about cookies and how to manage or delete them, please visit:

• A guide to deleting and controlling cookies
• A guide to online behavioral advertising

Find out more about cookies

Magnetiq Bank provides private individuals that are EU residents, and individuals that have the right to reside in Latvia in accordance with applicable RL legislation (including persons without residence permits who may not be deported from Latvia in accordance with the applicable legislation of the Republic of Latvia) to open and use a basic payment account – the basic account.

Denominated in euros, the basic account provides enables the following services:

• Opening, maintenance and closure of a current account;
• Remittance of funds to the account;
• Cash withdrawals from the account at the Client Service Centre during the Bank’s working hours;
• Internet Bank connection and management;
• Incoming and outgoing payments via Internet Bank (SEPA payments to EEA member-states);
• Connection of SMS notifications.

No other services have to be connected as a prerequisite for opening or accessing a basic account.

A client wishing to open a basic account and receive other available services should submit a signed application to the Magnetiq Bank Client Service Centre (representing that the client has no open payment account or basic account with another bank that provides its payment services in Latvia) and other documents required under the General Terms of Service of the Bank.

The Bank will consider a basic account application and attached documents within 10 business days. Opening of a basic account may be denied, and the Bank is entitled to terminate the Agreement of receiving the Bank’s services in the cases specified in the Payment Services and Electronic Money Law.