The Amendments To The Law On Credit Institutions

Original Language Title: Grozījumi Kredītiestāžu likumā

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Read the untranslated law here: https://www.vestnesis.lv/op/2016/117.2

The Saeima has adopted and the President promulgated the following laws: the law of credit institutions to make the law of credit institutions (the Parliament of the Republic of Latvia and the Cabinet of Ministers rapporteur, 1995, nr. 23; 1996, 9, 14, 23 no; 1997, no. 23; 1998; 2000, no. 13, no. 13; 2002, 10, 23; 2003, nr. 14. No; 2004, 2, 12, No 23; 2005, 13, 14, 15 no; 2006; 2007, nr. 7, 12 no; 2008 , 14, no. 23; 2009, 6., 7., 17, no. 22; Latvian journal 2010, 23, 51-52, nr. 160.; 2011, No 4; 2012, 50, 56, 92 no; 2013, 61, 106, 193. no; 2014, 92. no; 2015, 29, 97, 124, 140.248.251.,, no.) the following amendments: 1. Add to article 15, paragraph 3, after the words "internal audit head of service" with the words "risk, for complying with the Director's control, the person responsible for the crime of money laundering and terrorist financing prevention requirements of the person responsible." 2. Article 24: Add to the introductory part of the first subparagraph following the words "responsible person" with the words "criminal money laundering and terrorist financing prevention requirements" of persons responsible; make the first part of paragraph 2 as follows: "2) which are competent in matters of financial management. On the crime of money laundering and terrorist financing prevention requirements of the responsible person may also be a person who is competent in matters of management; " Add to the first subparagraph of paragraph 3, after the word "year" with the word "appropriate"; to complement the second paragraph after the words "person responsible" with the words "criminal money laundering and terrorist financing prevention requirements person responsible". 3. Add to article 25, first paragraph, introductory paragraph following the words "responsible person" with the words "criminal money laundering and terrorist financing prevention requirements of the person in charge". 4. Article 57: Supplement 1.1 subparagraph following the words "responsible persons" with the words "criminal money laundering and terrorist financing prevention requirements" of the person responsible; Supplement 1.3 subparagraph following the words "person responsible" with the words "criminal money laundering and terrorist financing prevention requirements person responsible". 5. Article 198 of the 10th part: turn the introductory part, the words "take actions that result in a breach of the legislation in relation to criminal money laundering and terrorist financing prevention"; make point 2 as follows: "2) impose official, employee or the person who at the time of the offence is responsible for carrying out certain activities on behalf of the credit institution or the interest, fines of up to five million;". 6. To supplement the law with article 198.1 as follows: "article 198.1. (1) for activities that result in a breach of the requirements of the criminal law on money laundering and terrorist financing in the area of prevention with regard to customer identification and research, reporting of suspicious and unusual transactions, the provision of information to Criminal money laundering prevention, abstinence from the service transaction, the freezing of funds, the internal control system, the storage and deletion of information, or legislative requirements relating to international or national sanctions that financial constraints, financial and capital market Commission is entitled: 1) a credit institution imposed fines of up to 10 percent of total annual turnover, in accordance with the latest available reports, approved by the governing body. If 10 percent of total annual turnover, available in accordance with the first sentence of this paragraph, is less than five million, the financial and capital market Commission is entitled to impose a penalty of up to five million. If a credit institution is a parent company or a subsidiary of the parent company, the total annual turnover is the total annual turnover, or appropriate forms of income in accordance with the relevant laws and the last available for consolidated accounts approved by the main management structure of the parent; 2) impose official, employee or the person who at the time of the offence is responsible for carrying out certain activities on behalf of the credit institution or the interest, fines of up to five million euro; 3) apply this law and in article 113.196. these sanctions and measures. (2) the financial and capital market Commission, the application of the first paragraph of this article shall be taken into account in the financial and capital market Commission law 17.1 article referred to in the first subparagraph. " 7. Supplement article 199 after number 198. "with the word" and "and" 198.1. 8. in article 201: Add to the article after the number "198." with the number "198.1"; to supplement the article with the sentence the following wording: "for this law, infringements referred to in article 198.1 levied fines put down the annual national budget law." 9. transitional provisions be supplemented with 65 and 66 as follows: "65. credit institutions on money laundering and terrorist financing prevention requirements of the person in charge of compliance with this law, article 24 and 25 claims provides up to 1 January 2017. 66. in 2016, the fine levied on transactions that result in a breach of the legislation in relation to criminal money laundering and terrorist financing prevention (including on this law, infringements referred to in article 198.1), by order of the Minister of finance is directed to increase the appropriations for the State budget programme funds for contingencies ", if it is accepted the Cabinet decision and the parliamentary budget and finance (taxation) the Commission within five working days from the date of receipt of the information in question has not objected to the increase of appropriations." The Parliament adopted the law June 2, 2016. The President r. vējonis 2016 in Riga on June 17.