Magnetiq Bank has appointed a new board

After receiving approval from Latvijas Banka, new board members Sandra Rituma, Edgars Valmers, and Maksims Leščinskis started serving on the AS Magnetiq Bank board.

Sandra Rituma will oversee the fields of anti-money laundering and combating the financing of terrorism and proliferation (AML/CFT), sanctions risk management, operational compliance, and e-commerce risks.

S. Rituma is an experienced compliance expert with over ten years of experience in AML/CFT and compliance in the banking and Fintech sectors. For the past two years, she has worked at “Pyypl” in the United Arab Emirates, leading the Compliance and AML/CFT oversight team across several countries. From 2019 to 2023, she served as the head of the AML/CFT department at “Mintos AS.” S. Rituma holds a professional master’s degree in financial management from the Banking Institution of Higher Education and has graduated from the Executive MBA program at the Stockholm School of Economics in Riga. Continuously improving her knowledge, S. Rituma obtained the CAMS (Certified Anti-Money Laundering Specialist) certification in 2018 and the PRINCE2 project management certification in 2022.

Edgars Valmers will be responsible for customer service, payment card issuance management and control, credit management and control, marketing and communication.

E. Valmers joined the Magnetiq Bank AS payment card department team in 2012. He has been pivotal in the bank’s e-commerce development, ensuring process efficiency and introducing innovations. As a certified high-risk underwriter, his expertise in risk management is particularly crucial in the rapidly growing e-commerce sector. E. Valmers is an active expert in his field, regularly participating in and speaking at e-commerce and Fintech industry events and conferences. He holds a higher education degree in economics from the University of Latvia.

Maksims Leščinskis will oversee the functions of risk control, financial accounting, financial planning and modelling, and document management.

M. Leščinskis is a highly qualified audit specialist with extensive experience in internal control and internal audit and over fifteen years of experience in the financial services sector. For the past nine years, he has worked at Citadele Bank, leading the internal audit team at the group level in the Baltic states. Before this, he was the head of internal audit at Signet Bank and GE Money Bank. M. Leščinskis holds a master’s degree in economics and business management from the Baltic International Academy, and he is also a holder of the ACCA (Association of Certified Chartered Accountants) certification.

Antons Kononovs, Acting Chairman of the Board, and Jefims Gasels, Board Member, will continue their roles on the board of AS Magnetiq Bank.

The new board of AS Magnetiq Bank is committed to strengthening compliance and innovation capacity, ensuring effective combat against money laundering and terrorist financing, promoting more efficient financial innovation implementation, improving the availability of digital services in the banking sector, and strengthening the bank’s position in the Fintech industry.

About AS Magnetiq Bank

AS Magnetiq Bank is a Latvian bank whose strategy is focused on the needs of Fintech, startups, and e-commerce service providers, offering them banking infrastructure, segregated accounts, and payment solutions for their business growth. The bank’s goal is to promote the development of the startup and e-commerce sector through innovative technologies and excellent customer service. The bank is a part of the Signet Bank group, and its sole shareholder is Signet Bank AS, Latvia’s leading investment bank, focusing on financing and attracting investments for local entrepreneurs and their companies.