Rietumu Banka claims it has not worked with high-risk clients for years
Rietumu Banka has been steadily rejecting high-risk clients for years and has significantly reduced the volume of transactions, as mentioned by the bank’s representatives.
«The newly-adopted requirements for commercial banks to combat money laundering and terrorism funding are nothing new. This has been topical for a long time. For years now Rietumu Banka has been complying with requirements for deposit-monitoring requirements. The bank has invested a lot in strengthening technologies and training employees,» as noted by the bank’s employees.
The bank also mentions that Rietumu Banka’s operations have changed significantly over the course of the past several years. «The bank has long since refused servicing high-risk clients. On top of that, the institution has significantly reduced the volume of transactions and has switched focus towards deposits, loans and technological development,» adds the bank, noting that this trend is not limited to just Latvia – it is observed in many countries around the world. The bank also emphasizes that events observed in Latvia’s financial sector in the last month have not changed the core of this process. They have emphasized the importance of changes and will likely speed up the process in the future.
«Rietumu Banka works off the strategy that includes active realization of those changes. We understand that Latvia’s financial sector requires our contribution to restore its reputation. Compliance with requirements, identification of clients’ and their business deals will remain the core for cooperation,» the bank notes.
Last year, according to provisional data, Rietumu Banka worked with profits worth EUR 35.037 million, which is 2.3 times less when compared to 2016. Rietumu Banka’s assets were worth EUR 3.001 billion in 2017, which is 13.4% less than in 2016, when the bank’s assets were worth EUR 3.466 billion.