Companies subject to the AML (Anti-Money Laundering) Law are required to provide training to employees at least once a year. Employees whose duties are directly related to the AML field must undergo training more frequently, including the board member responsible for AML. The legal framework defines the minimum required training content.

Yes, we offer remote employee training using platforms such as Zoom, MS Teams, or Google Meet.

Yes, training can also be conducted at the client’s office. Our company is flexible and focused on client comfort, time efficiency, and the convenience of using our services.

Our company offers a unique opportunity to assess the qualifications of employees in AML (Anti-Money Laundering) and sanctions management areas. External training sessions typically provides employees with a general understanding of the topics. However, employees may often lack sufficient knowledge to effectively apply the information in daily practical work. We offer an evaluation of employees' ability to apply theoretical knowledge in practice, specifically in AML and sanctions management . The assessment process involves analyzing everyday scenarios where employees must demonstrate their knowledge and outline the actions they would take in the given situation.  For more details about this service, our customer support team will be happy to assist you.

If your company’s economic activity falls under any of the categories listed below, you are required to implement an Internal Control System (ICS) and provide employee training. It is worth noting that the companies listed below retain their status as entities subject to the AML (Anti-Money Laundering) Law even during insolvency or liquidation proceedings.
Entities subject to the AML (NILLTPFN) Law include:
-  Credit institutions
-  Insurance companies or intermediaries providing life insurance or other insurance services related to fund accumulation
-  Private pension funds
-  Investment brokerage companies
-  Investment management companies
-  Companies dealing with the purchase and sale of foreign currency in cash
-  Payment institutions
-  Electronic money institutions
-  Credit unions
-  Alternative investment fund managers
-  Reinsurance service providers
-  Financial leasing service providers
-  Companies engaged in consumer credit services licensed by the Consumer Rights Protection Centre (PTAC)
-  Outsourced accountants, sworn auditors, audit firms, and tax consultants, as well as any other individuals offering assistance on tax matters or acting as intermediaries in such matters, regardless of frequency or remuneration
-  Sworn notaries, sworn advocates, and other independent legal service providers assisting in planning or executing transactions, participating in transactions, or conducting related professional activities on behalf of clients regarding:
a)    Buying or selling real estate or commercial entity shares
b)    Managing client money, financial instruments, or other assets
c)     Opening or managing accounts at credit or financial institutions
d)    Establishing, managing, or ensuring the operation of legal persons or entities, as well as contributions for such purposes
-  Service providers for establishing and ensuring the operation of legal entities or formations
-  Real estate dealers
-  Lottery and gambling organizers
-  Companies providing cash-in-transit services
-  Private or legal entities trading or brokering transactions involving vehicles, cultural artifacts, precious metals, gemstones, or other goods, including related services, if the payment is made in cash or deposited into the seller's account in cash in amounts of €10,000 or more
-  Debt collector service providers
-  Crypto-asset service providers
-  Individuals involved in trading, importing, or exporting art and antiques, including those operating in antique shops, auction houses, or ports, if the transaction amount or related transactions total €10,000 or more
-  Insolvency process administrators

A practical and effective AML (Anti-Money Laundering) Internal Control System (ICS) is one that goes beyond a simplified summary of the AML law to create the impression of compliance documentation.  In the market, there are offers to purchase ICS documentation for an apparently low cost. However, clients often receive a 30+ page summary of the law with over 10 appendices, which only describe general legal requirements. Using such ICS in daily operations is ineffective because it does not take into account the specific nature of your business or its inherent risks.  A practical and effective ICS begins with an objective and well-thought-out AML and sanctions risk assessment, during which potential threats are identified. Based on the results of the risk assessment, an ICS is developed—documentation that includes AML law requirements tailored to the specific needs of your business operations.  An effective ICS is one where the actions to be taken are clearly outlined, ensuring employees understand how to apply the system in practice.

Yes, Riskuvadiba.lv offers outsourcing services for conducting customer due diligence, both at the beginning of the client relationship and during ongoing collaboration.  The due diligence process will be documented in compliance with the requirements of supervisory authorities such as the Consumer Rights Protection Centre (PTAC), the State Revenue Service (VID) and the Bank of Latvia.

It depends on the specifics of the issue being addressed.  During an AML consultation, you will receive explanations, additional information and recommendations for actions to take. This will enhance your understanding of the Internal Control System (ICS) operations, helping you comply with laws and other regulatory requirements in the AML and sanctions management field.  We strongly recommend scheduling an AML consultation, as clients' problems are often quickly solvable with simple steps that involve minimal costs.

We offer the development of various practical and user-friendly procedures related to compliance with AML (Anti-Money Laundering) and sanctions management law requirements.  Procedure development is provided not only for entities subject to AML law but also for companies whose business activities involve sanctions compliance, such as logistics companies.

Yes, we offer representation for companies during inspections by supervisory authorities such as the Consumer Rights Protection Centre (PTAC), the State Revenue Service (VID), and the Bank of Latvia.  This representation includes support and consultation in preparing the materials requested by the authorities, drafting response letters and participating in face-to-face meetings with supervisory bodies.

We offer the following compliance solutions:
Employee Knowledge Assessment:  evaluation of employees' understanding and competence in AML and sanctions, identifying training needs.
ICS Quality Control:  assess whether company employees are effectively adhering to Internal Control System (ICS) requirements.
ICS Compliance Assessment: analyze the Internal Control System's compliance with legal requirements to identify and address deficiencies.

Under development.

The full-service AML outsourcing includes the following components:
-  Updating Internal Control System (ICS) Documentation: Ensuring the ICS is current and compliant with legal and regulatory requirements.
-  Customer Screening and Due Diligence at Onboarding: Conducting checks and investigations when initiating business relationships with clients.
-  Determination of Customer Risk Levels: Assessing and categorizing clients based on their risk profile.
-   Enhanced Due Diligence (EDD) for Customers: Performing in-depth investigations when required by risk factors or regulatory obligations.
-   Monitoring of Customer Transactions/Activities: Regularly tracking client transactions and activities to detect anomalies or suspicious behavior.
-   Investigation of Suspicious Transactions/Activities: Reviewing and analyzing activities flagged as potentially suspicious.
-  Preparation of Reports to the Financial Intelligence Unit (FIU): Drafting and submitting reports regarding suspicious activities or transactions carried out by clients.

The Quick AML Assistant is a unique solution, specifically designed for small and medium-sized enterprises subject to AML (Anti-Money Laundering) regulations, to receive answers to questions related to the operation of the Internal Control System, conducting customer due diligence, investigating suspicious transactions, reporting to the FIU, and other everyday compliance challenges. It provides an opportunity to quickly obtain answers and solutions for daily situations without involving expensive legal service providers or consultants.