What is the Know Your Customer Principle?

In accordance with the requirements of Latvian and international regulatory enactments, the Bank fulfils the requirements of the Know Your Customer principle. Citadele needs to know who its customers are and for what purposes they plan to use or use the bank's products and services. The Know Your Customer principle is aimed at preventing potential risks of money laundering, terrorism and proliferation financing.

The Know Your Customer principle in Latvia is mainly regulated by the following regulatory enactments:

• Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing;
• Regulation of the Financial and Capital Market Commission on the Establishment of Customer Due Diligence, Enhanced Customer Due Diligence and Risk Scoring System and Information Technology Requirements.

The full list of Latvian regulatory enactments on the prevention of money laundering, terrorism and proliferation financing can be found here.