Valuable exchange of best practices with Latvijas Banka fellow professionals from other countries: in the beginning of 2024 the experts of Latvijas Banka Anti-money Laundering Department together with Kristine Černaja-Mežmale, Member of the Council of Latvijas Banka, visited Autorité de contrôle prudentiel et de résolution (ACPR) and Autorité des marchés financiers (AMF) – France.
The aim of the visit is to learn about the approach of the French supervisory authorities to the supervision of anti-money laundering and countering the financing of terrorism and proliferation (AML/CFTP).
It is essential for the EU Member States to share best practices and strategies for effective risk-based supervision as well as experience in leveraging technology and data analytics for enhanced compliance. Many thanks to our colleagues for the warm welcome and joint efforts to explore emerging trends and challenges in AML/CFTP supervision, points out Kristine Černaja-Mežmale.
During the visit, the experts in AML supervision got acquainted with the French approach to the supervision of financial market participants and the control measures implemented during the licensing of financial market participants.
The experts had the opportunity to learn in more detail about the methodology used to assess the ML/FTP risk in French supervisory authorities and the on-site and off-site supervisory measures implemented by credit institutions and financial institutions.
In the course of the visit, particular attention was given to the supervision of financial institutions at the group level, including in cases when the group operated in third countries, as well as the supervision of the financial institutions of other EU Member States operating in France under the freedom to provide financial services.
The French colleagues supervising AML/CFTP also shared their experience in the licensing and registration of crypto-asset service providers and the technological solutions used in the supervision process.
The experience sharing visit to France was organized under the implementation of the European Economic Area (EEA) grant-funded project “Improvement of employees’ knowledge in combating money laundering in Latvia”.
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