The main requirement, before the Bank opens the bank account in Latvia, is to clarify the origin of the funds of the client.
Clients assume that if the funds to Latvian bank account are transferred from client`s bank account opened in other member state or third country with similar requirements for opening the bank account, Latvian banks will not clarify the origin of the funds. Such assumption is not grounded. Banks of Latvia will clarify the origin of the client`s funds anyway.
Also before opening the bank account in Latvia, Latvian banks check if the applicant is not listed in so called banks black list.
Black listed countries
Latvian banks have indicated that they do not accept payments and do not execute payments from the following countries: Iraq, Lebanon, Libya, Afghanistan, Pakistan, Algeria, Yemen, Nigeria, Kuwait, Qatar, Saudi Arabia, Oman, Palestine and Bahrein.
In respect to the payments to/from Turkey, Egypt and United Arab Emirates, strengthened control requirements are applied and transactions are possible only after submission of the documents confirming the transaction and their analysis.
There is also a list of low tax countries for tax purposes in Latvia available at our web site.