Latvian financial watchdog commissions US-based company to create anti-money laundering compliance test


January 8 2016

The Latvian financial watchdog, the Finance and Capital Market Commission (FKTK), has commissioned an international US-based company, Navigant Consulting Inc., to create a methodology for evaluating compliance of the Latvian credit institutions with the regulations about prevention of money laundering and terrorism financing, reported LETA.

The contract amount is EUR 41,900 (VAT exclusive), according to the announcement about the conctract. Three companies — “Promontory Financial Group, LLC”, Crowe Horwath LLP and Navigant Consulting, Inc. participated in the tender to develop this methodology for the FKTK, and the latter was selected as the winner.

FKTK spokeswoman Elina Avotina told LETA that the watchdog was not only following the best European practices but also wanted to strengthen cooperation with the United States.