The Bank's Articles of Association specify the following core aspects of the company:
1. Firm 2. Type of Business Operation 3. Share Capital and Type of Shares 4. Management Board 5. Supervisory Council 6. Internal Audit Department 7. Audit Committee
The Deposit Guarantee Law specifies that a depositor – a person having a guaranteed deposit with a bank* – may be eligible for their deposit if it becomes unavailable (e.g. if the bank becomes insolvent or its license is cancelled).
The law specifies that, regardless of the date when a deposit is made, the amount of compensation guaranteed to a depositor for a deposit made with a bank shall be equal to the guaranteed deposit amount, but no more than 100,000 euros, and, in cases of exception where additional guaranteed compensation is provided to a depositor, no more than 200 000 euros within three months following the date of the initial deposit, for deposits made by individuals. If the depositor holds several deposits with the bank, they are added up and the total is treated as a single guaranteed deposit.
Prior to establishing business relations, the bank must notify the depositor and have the depositor confirm acquaintance with information about: ? the deposit guarantee system in the Republic of Latvia; ? the amount and currency of guaranteed compensation; ? the procedure and timing of payment of guaranteed compensation; ? possibility of offsetting mutual claims; ? the institution in charge of the deposit guarantee fund (Financial and Capital Market Commission). Further information is available by clicking this link. For more information about the law, please click here. * Any bank, savings and lending association, foreign bank’s branch – if registered in the Republic of Latvia; or an European Union member-state bank’s branch in Latvia which, in accordance with the procedure specified in the applicable legislation, participates in the deposit guarantee fund
The Bank strictly adheres to anti-money laundering and counter-terrorist financing (AML/CTF) regulations and sanctions. The Bank ensures compliance of its financial services and customer transactions (payments) with the requirements laid down in the laws and regulations of the Republic of Latvia and European Union, as well as ensures compliance with sanctions implemented by the European Union, the United Nations and the United States with regard to all currencies. The Bank does not allow execution of transactions or offering of financial services that infringe the applicable regulations.
Information on international sanctions restrictions is available here: OFACEUUN