Ri­etumu Banka claims it has not worked with high-risk clients for years

Baltic News Network - - News -

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.

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