On Tuesday, June 22, the Cabinet issued the regulations “Procedures for the Requesting and Providing of Discovered News at the disposal of the credit institution, including in the event of monitoring the transaction”.
The rules aim to establish uniform and clear actions for process promoters, operational entities, courts, the Financial Intelligence Service (FIS), and credit institutions where confidential information is requested and provided at the disposal of a credit institution, and to introduce a technical solution that will make the exchange of data between those entities and institutions more rapid, simple, and efficient.
These Regulations prescribe the procedures by which the person directing the proceedings and the body of the operational activity requests. The credit institution shall provide the confidential information at its disposal, including information in the case of supervision of the transaction, as well as the period for the provision of such information, the sample of the claim form, and the structure of the machine-readable data. The rules shall also prescribe the procedures by which a credit institution shall provide information to the FID and the court in case of supervision of a transaction, as well as the time limit for the provision of such information.
The rules will enter into force on 1 July of this year.
Prepared by:
Communications Department of the Ministry of the Interior in
kn@iem.gov.lv