Practical guidance for potential financial market participants
Hear directly from our specialists on how to present your project effectively, how to balance the roles of business representatives and consultants, and what to keep in mind when preparing AML documentation.
The Q&A were recorded during the Latvia Fintech Forum 2025, held on 30 September in Riga.
How to present your project to Latvijas Banka
Guna Janelsiņa, Chief Legal Advisor of the Licensing and Sanctions Department, and Elīna Upeniece, Chief Supervision Expert of the Compliance Division of the Anti-money Laundering Department, explain the best way to approach Latvijas Banka when introducing your project.
Two key steps:
- Start with a clear presentation of who you are and what your project involves, including a section on AML issues that outlines your risk assessments and control mechanisms.
- Provide complete documentation in one go.
Balancing roles: business representatives and consultants
In this video, Guna Janelsiņa discusses how to effectively balance the roles of company representatives and consultants during the licence application process. While consultants play an important supporting role, Guna Janelsiņa highlights that it’s essential for Latvijas Banka to meet the business people directly — those who truly understand and can explain the project. Consultants provide valuable structure and legal expertise, but the business representatives should lead the conversation.
Key challenges in AML documentation
Elīna Upeniece shares the main challenges observed in AML documentation submitted with licence applications. She notes that while AI tools can assist in drafting, they often fail to capture the specific risks of each business. Fintech companies should ensure their AML procedures are detailed, practical, and tailored to their own clients and services. Elīna Upeniece also encourages applicants to consult with AML experts and to start by developing a thorough, business-specific risk assessment – the foundation of an effective AML system.
Licensing
If you want to become a participant in Latvia’s financial market, learn more about obtaining authorisation on Latvijas Banka’s website.
Guides on obtaining authorisation
Latvijas Banka has created comprehensive guides on obtaining authorisation. These guides provide a clear overview of how to prepare and submit an application to Latvijas Banka, which documents are required, and the typical timeline for the application’s assessment.
Pre-licensing consultations
Latvijas Banka offers an efficient pre-licensing process, during which experts from Latvijas Banka meet with company representatives, provide free consultations, and conduct an initial assessment of the company’s compliance with regulatory requirements.
Consultations with experts of Latvijas Banka
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