In accordance with the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing (NILLTPFN Law), many merchants conducting business in Latvia, according to the requirements of the above-mentioned normative enactment, are its subjects, i.e. persons who are required to comply with the requirements of NILLTPFN Law regarding the assessment of the risks of their activity, the development of an internal control system, the study and supervision of its customers, the reporting of suspicious transactions, storage of the documents etc.
In particular, the subjects of the NILLTPFN law are financial institutions, accounting and auditing companies, tax consultants, lawyers (in some cases), real estate brokers, persons providing business support services (for example, providing a legal address), vehicle dealers, companies trading precious metals, antiques and art values (in some cases), as well as some other categories of merchants.
In addition, the subjects of the NILLTPFN law must also comply with the requirements of the Law on International Sanctions and National with respect to preventing the establishment of business relations with persons who are under sanctions or involving a merchant in transactions aimed at circumventing sanctions.
Due to the fact that the State Revenue Service of Latvia (SRS) has recently taken active steps to verify the subjects of the NILLTPFN law under the supervision of the SRS, the law firm Inlatplus offers the following legal services in the field of fulfilling the requirements of the NILLTPFN law and the sanctions law:
- providing consultations of the client in order to determine whether he is the subject to the NILLTPFN law and the sanctions law;
- providing consultations of the client on the activities that the client must carry out in order to comply with the requirements of the NILLTPFN law and the sanctions law;
- assistance to the client in conducting a risk assessment of the client’s activities in connection with the implementation of the requirements of the NILLTPFN law and the sanctions law;
- assistance to the client in the development of an internal control system for the implementation of the requirements of the NILLTPFN law and the sanctions law, including policies and procedures on the appointment, verification and supervision of a responsible employee, the procedure for identifying, studying and supervising their potential and existing customers (including the study of the client and his activities, ascertaining the beneficiaries of the client, evaluating the client, conducting an in-depth due diligence of the client, formalizing relations with politically significant persons), monitoring suspicious transactions, customer due diligence on the sanctions list, the order of documentation and information storage and training of employees;
- providing assistance to the client in preparing for the audit conducted by the SRS in order to verify if the client fulfills the requirements of the NILLTPFN law and the sanctions law;
- providing assistance to the client in appealing against decisions made by the SRS in relation to the client based on the results of the audit of client compliance with the requirements of the NILLTPFN law and the sanctions law.