Riga is a historic Baltic financial hub with the largest Nordic bank branches (Swedbank, SEB), local banks (Citadele, Luminor, Rietumu) and a fintech ecosystem (Mintos, TWINO, NEO Finance). The sector requires FKTK supervision, MiFID II compliance, high AML/KYC standards, and VID-specific reports on interest income.
A bank serves 50,000 customers — how to comply with AML?
KYC module: each customer verified against PEP list, EU sanctions, EuroFisc base. Re-screening every 24 hours for high risk, annually for low risk. Audit trail for 10 years.
FKTK requires a quarterly report on interest payments to individuals.
Interest module: each interest payment linked to recipient's personal code (PIN), IIN 20 % auto-withheld and remitted to VID. Quarterly report in FKTK XML format.
We are an investment broker — MiFID II reporting requirements.
MiFID II module: each trade (equity, bond, derivative) reported to ESMA via FKTK within T+1. Client classification professional/retail, suitability tests.
The 4b2b ecosystem combines EDS, MUN, VAT and VID reports in one platform. Industry configurations activate by NACE code.
