I look forward to promoting stronger U.S.-Latvia ties and working with AmCham members to ensure Latvia is a trusted destination for international business.
John Tully, Chairman of the Board of MikroTik
This Thursday, AmCham organized an online discussion on the new approach to supervision of the banking sector, including the upcoming changes in legislation and how it may affect the bank-customer relationship and attraction of foreign investment. Represented were key stakeholders from the legislative and regulatory branches and the private sector: Santa Purgaile, Chairwoman of FCMC, Gatis Eglitis, Chairman of Saeima's Financial Sector Supervision Committee and Laima Letiņa, Advisor at Finance Latvia Association.
During the discussion, the Chair of FCMC introduced members to the FCMC's priorities for 2021 and gave an update on the progress in the field of financial crime prevention, strengthening the introduction of a risk-based approach and a common understanding of regulatory framework and balancing requirements.
Purgaile stated: "FCMC priorities for 2021 include monitoring the impact of COVID-19 on the financial sector, ESG and capital market development, as well as several important steps in the field of anti-money laundering. In 2020, our work was mainly focused on strengthening the risk-based approach, promoting a common understanding of regulatory and balancing requirements. In 2021, we will make the necessary changes in regulatory enactments, implement measures to reduce the stress of financial institutions, strengthen international cooperation, the quality and approach of supervision and continue dialogue with financial institutions and other stakeholders."
The discussion was moderated by Uldis Upenieks, Management Board Member at Citadele banka who emphasized the quality of communication between financial service providers and their customers which is one of the main tasks for the financial sector in 2021.
Zinta Jansons, President of AmCham Latvia said:"AmCham highly appreciates the work done by responsible institutions in improving the financial sector and implementing a new development strategy. In 2021, we hope to see the continued cooperation by legislators, supervisory authorities and the private sector to promote a comprehensive, risk-based approach for combatting and preventing financial crime, which at the same time does not hinder the attraction of currently much needed high-value foreign investments."
LV Portāls, January 14, 2021
Gatis Eglitis, Member of the Parliament, Chairman of Saeima’s Financial Sector Supervision Committee
Mr Eglitis is a member of the New Conservative Party - the largest party in the Latvian government coalition. He serves as deputy chair of the European Affairs committee, has been appointed by the Latvian Parliament (Saeima) to oversee financial sector and implementation of Moneyval recommendations, and sits on the inluential Saeima Budget and finance committee. Prior to Saeima work, Mr Eglītis served as economic advisor to the PM Straujuma and deputy PM Ašeradens, following an 8-year career in the European Commission (DG ECFIN). Mr Eglītis has also served in the Latvian Foreign Affairs ministry in the security policy and foreign economic relations departments. Mr Eglītis has a master's degree from the Johns Hopkins University in Bologna, the Vienna Diplomatic Academy and a bachelor's degree from the Stockholm School of Economics in Riga. Mr Eglītis resides in Riga.
Santa Purgaile, Chairwoman of the Financial Capital Market Commission of the Republic of Latvia
Santa Purgaile holds a master degree in international economics and business. Previously, Santa Purgaile had been the corporate business director at AS “Citadele Banka” and co-chair of Finance Latvia Association’s Credit Committee, as well as worked in AS “SEB Banka”. Since 24 October 2019, Chairperson of the FCMC.
Laima Letiņa, Advisor at Finance Latvia Association
Laima Letiņa is an advisor to the Finance Latvia Association in the areas related to AML /CFT, sanctions, GDPR and information exchange, which concerns cooperation between financial institutions and the state. Laima has participated in different AML/CFT projects, such as establishment of UBO register in Latvia, implementation of EU AML directives, AML/CFT risk assessment, etc. She was also a part of the Latvian Moneyval delegation regarding questions related to legal persons and arrangements. Laima has master’s degree in law, CAMS certificate and she regularly obtain additional AML/CFT knowledge in different courses and trainings.
Moderator: Uldis Upenieks, Management Board Member, Citadedele Banka.
AmCham is a place to meet representatives of other industries and understand the business environment.
Signe Velina, Market Access Manager Latvia of Johnson & Johnson