Zero Tolerance principle
Norvik Banka in its operation complies strictly with the requirements of the regulations on anti-money laundering and counter-terrorism financing (AML/CTF) and on compliance with sanctions, as well as with the Zero Tolerance principle in relation to deliberate violations of the requirements of the laws and regulations in the field of AML/CTF.
More information on the laws and regulations in the field of AML/CFT is retrievable here:
Law on the Prevention of Money Laundering and Terrorism Financing
Regulations on the Enhanced Customer Due Diligence
Law on International Sanctions and National Sanctions of the Republic of Latvia
Policy and Guidelines for the Prevention of Money Laundering and Terrorism Financing and for Compliance with Sanctions
Know Your Client
When providing its clients with a wide range of services, the Bank follows the Know Your Client principle. Prior to starting cooperation with a Client and during cooperation with him, the Bank carries out activities aimed at understanding the nature of business and personal activities of its clients and at obtaining the information on the clients’ transactions and on the origin of their funds. Such information helps the Bank not only to prevent money laundering and terrorism financing but also to offer its clients the products and services they need and protect them from a possible fraud.
The Bank is entitled to request from a client additional information and/or documents related to opening of an account and/or to further activities with it (in particular, agreements, invoices, other documents or information supporting the transactions made on the accounts).
The Bank guarantees confidentiality of the information received within the framework provided for by the laws and regulations of the Republic of Latvia.
Compliance with Sanctions
Following the principles laid down in the external regulatory documents and in the Bank’s in-house AML/CTF Policy, in its operation the Bank complies with the sanctions imposed by the European Union, the United Nations, the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury, as well as with national sanctions of the Republic of Latvia.
The Bank applies equal treatment towards the application of sanctions, ensuring compliance with the sanctions above in all currencies (in particular, with the OFAC sanctions).
More information on the international sanction restrictions is retrievable here: