2018-05-24, Lecture «New rules in working with Latvian banks»


2018-05-24, Lecture «New rules in working with Latvian banks»
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Dmitry Kalmykov, a member of the board of Norvik Banka, shared his expert opinion with members of the club. In his speech, Dmitry spoke about the recent changes in Latvian legislation regarding the work of banks with residents, non-residents, as well as with so-called shell companies.

Giving an explanation of what the “company-dummy” is, the speaker named three criteria:
1. Jurisdiction of registration of this legal entity does not provide for mandatory submission of reports to local authorities.
2. There is no office in the country of registration.
3. The company has no documented evidence of actual business activity or the activity does not create any economic value.

Based on compliance with these criteria, Latvian banks may work or refuse to cooperate with such companies.

Also, at the meeting, the speaker elaborated on the procedure for conducting an examination, in carrying out purchase and sale of assets transactions: conditions for conducting a KYC analysis of the seller (source of asset, purchase history, valuation of asset, etc.) and the buyer (source of cash purchase), conducting a transaction (analysis of documents, selection of the optimal payment route, financial instruments – escrow accounts, trusts). Dmitry noted that the main task in conducting transactions is to reduce risks for all participants.

Throughout the meeting, Dmitry Kalmykov answered questions from members of the club, and also gave practical advice on how to organize work with Latvian banks.