A new structural unit, the Compliance Control Department, has been set up in the Latvian Financial and Capital Market Commission. Its main job is to counter money-laundering.

The new department will supervise financial and capital market participants, focusing on the prevention of money-laundering and terrorist financing, the development of regulations for this and compliance with national and international sanctions.

When taking up the position of chairman of the FCMC, Peters Putnins pointed to the strengthening of the financial sector’s reputation in the fight against money laundering and terrorist finance as one of his most important tasks. He intends to beef the process up with software.

The new department will have five divisions: the Banking Supervision Division, the Non-Banking Supervision Division, the Transactions Monitoring Division, the Legislative and Regulatory Division and the Sanctions and Compliance Division.

Initially, there were 9 employees in the CCD but 15 posts are planned for this year and recruitment of staff is continuing. It is expected that the total headcount will reach 20 in the first half of 2017.