Customer data

Relationship between a bank and its customers is based on mutual trust. We care about our customers’ trust; we, therefore, periodically publicly announce our financial results and other performance reports. Accordingly, we ask our customers to provide certain information about them as well.

Provision of information is important for several reasons. First, banks must comply with very strict legal requirements which oblige them to implement the ”Know Your Customer (KYC)” principle. Implementation of this principle is related to application of international measures aimed at prevention of money laundering and terrorism financing. Banks must ensure that their infrastructure is not abused by malicious entities or by persons who pose threat to others.

Another important reason is that banks care about their customers’ security and the security of their accounts. With up-to-date details available, we can ensure safety of accounts more easily, prevent illegal actions by fraudsters, stop suspicious transactions and thereby protect our customers from financial losses.

All of the data you provide us is protected by strict security and confidentiality rules.

We disclose customer data to third persons only if we have received the customer’s written consent or if the disclosure of data is required of us pursuant to law (e.g. a notary, the police, the State Revenue Service and Customs Board).

Information is not collected with the purpose to immediately forward it to other institutions. Information you provide is stored responsibly. In certain cases, when this is necessary, authorised institutions (law enforcement, security provision, etc.) are entitled to address banks and request the provision of information about a customer. In such case, the bank, in accordance with laws, will be obliged to provide such information.

• Banks have a duty to guarantee secrecy of customer’s identity, accounts, deposits and transactions
• Information regarding a customer and their transactions acquired by the bank through provision of financial services under the relevant contract is non-disclosable information
• The bank may disclose such information only to customers themselves or to their representatives except in cases laid down in the Law on Credit Institutions – to government authorities and other persons, as set forth by this law

• documentPolitically exposed person

The respective legislation can be found below:

• Law on Prevention of Money Laundering and Terrorist and Proliferation Financing
• Legal acts of Latvia
• Law on Credit Institutions
• Law on Taxes and Duties
• Procedures by which a Financial Institution Implements the Due Diligence Procedures for Financial Accounts and Provides Financial Accounts Information to the State Revenue Service
• documentList of countries involved in the automatic exchange of information