Amendments To The Proceeds Of Money Laundering And Terrorist Financing Prevention Act

Original Language Title: Grozījumi Noziedzīgi iegūtu līdzekļu legalizācijas un terorisma finansēšanas novēršanas likumā

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Read the untranslated law here: https://www.vestnesis.lv/op/2016/115.2

The Saeima has adopted and the President promulgated the following laws: amended Criminal money laundering and terrorist financing Prevention Act, to make the Crime of money laundering and terrorist financing Prevention Act (the Saeima of the Republic of Latvia and the Cabinet of Ministers rapporteur, 2008, no. 16; 2009, no. 2; Latvian journal, 2009, 196, 205. no; 2011, 60 no; in 2012, 100 no; 2013, 187, 227. no; 2014, 172, 257. no; 124. in 2015, no; 2016, 31 No.) the following amendments: 1. in article 10: make the first paragraph by the following: "(1) subject to the law, a legal person, shall appoint one or more employees (on money-laundering and terrorist financing prevention requirements of the person responsible), empowered to make decisions and are directly responsible for the implementation of this law and to ensure the exchange of information with the relevant supervisory and control authorities (hereinafter referred to as compliance with this law, the responsible staff). The subject of this law within 30 days after the statutory entity status or changes for compliance with this law, the responsible staff notify the appropriate monitoring and control institution. "; Add to article 2.1 part as follows: "(21) a credit institution, the payment institution and of the electronic money institution has the obligation to develop: 1) on compliance with this law, the responsible employees and Board members responsible for the assessment of the appropriateness of the policy and to document the assessment stating that the staff member concerned and the Member of the Board concerned comply with the law and this law subject's internal policies and procedures to ensure that the requirements laid down in this law, the holder is complying with the requirements of this law; 2) procedure, which defines the requirements of this Act, the responsible staff and Board members responsible for the distribution of powers and responsibilities the criminal money-laundering and terrorist financing in the field of prevention, and a procedure is provided for compliance with this Act, the responsible employees and Board members responsible for monitoring the activity. " 2. Supplement article 37.1 of the Act by the following: ' article 37.1. Customer research documents and provision of information to the financial and capital market Commission of this Act 45 of the first paragraph of article 1 of the law referred to in paragraph entities providing financial and capital market Commission information obtained customer identification and investigation, as well as information about customer transactions and other information related to money laundering and terrorism financing risk management. Financial and capital market Commission has the right to issue normative provisions of this law article 45 1 of the first paragraph of the law referred to in paragraph subjects about the amount of information provided, data collection requirements and procedures for the provision thereof. " 3. Supplement article 38 with 2.1 part as follows: "(21) of this article the prohibition laid down in the first subparagraph shall not apply to the exchange of information between the subjects of law and the person subject to the law provides services related to law of the entity's internal control system and the performance of conformity assessment bodies for operation of the law and the alleged inherent risk identification, assessment, management and monitoring. Before this part of the provision of information in the cases specified in the law subject to take measures to ensure the protection of information against further disclosure. " 4. Express article 47 the second subparagraph by the following: "(2) the financial and capital market Commission issued by this law, the first paragraph of article 45 of the law referred to in paragraph 1, the subjects in the crime of money laundering and terrorist financing prevention and control laws, provisions, which determine: 1) the requirements to be included in the internal control system in addition to this law, the first paragraph of article 7; 2) minimum volume, measures be taken to ensure the criminal money-laundering and terrorist financing prevention requirements of the internal control system and the internal control system, as well as its compliance with the laws of evaluation, including establishing the regularity and the requirements of the evaluation, which was carried out in accordance with the internal control system of independent evaluation; 3) requirements for criminal money laundering and terrorism financing risk management personālresurs and staff training; 4) requirements for cooperation with third parties to attract potential customers, customer identification requirements and communication with customers; 5) requirements for criminal money laundering and terrorism financing risk management technical resources, including information technology; 6) minimum measures have to politically important person, their family members and closely related persons, as well as to clarify the minimum activities to do before the start of business and making this person an in-depth research; 7) requirements, in accordance with which to criminal money laundering and terrorism financing risk assessments, as well as the requirements for criminal activities, money laundering and terrorism financing risk management and mitigation; 8) minimum measures to do client identification and research before the start of business and business relationships, including the monitoring of customer transactions; suspicious transactions of minimum 9) characteristics list, as well as the minimum amount of the measures to be taken to identify suspicious transactions; 10) requirements, in accordance with which to cross-border credit (correspondent) establishment and maintenance; 11) minimum volume of the measures to be taken to determine client features and wealth welfare wellbeing; 12) requirements for the identification of the customer, if the customer personally is not participating in the identification procedure; 13) minimum measures have to customers — the subjects of this law — research and monitoring; 14) minimum amount of measures to be taken to establish the true beneficiaries of the client and ensure that the person designated as the real beneficiary is the client the real beneficiary. " 5. the transitional provisions be supplemented by the following paragraph 16: "16. a credit institution, the payment institution and of the electronic money institution of article 10 of this law 2.1. defined in point 2.1 of part 2 of the policy and the procedure laid down in paragraph develop within three months from the date of entry into force of this law, in article 2.1 and up to 2017 January 1 assessment conducted and documented to show that the requirements of this Act, a responsible employee and a responsible executive complies with law and this law subject's internal policies and procedures. " The Parliament adopted the law of 26 May 2016. The President r. vējonis 2016 in Riga on June 15.