Sanctions and politically exposed persons screening

An IT solution that provides the screening of financial institution customers and related persons (e.g., beneficial owners, officials, authorised persons), counterparties transaction (payment) details against data on politically exposed persons and sanctions lists.​

Benefits of such IT solution to the financial institution:

  • help to clarify the existence of a politically exposed person status prior to starting business relations with a customer and during relations with a customer;​
  • reduce/address the sanctions risk associated with relationship or dealing with sanctioned persons;​
  • identify cases of non-compliance with and/or circumvention of sanctions requirements.​

The following sanctions may be introduced in Latvia:

  • financial restrictions;
  • civil law restrictions;
  • restrictions on admission;
  • restrictions on the movement of goods of strategic importance and other goods;
  • restrictions on the provision of tourism services.

Regulatory framework and information sources

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