AS PrivatBank to strengthen the fight against money laundering

Strengthening its positions in the area of financial services export, AS PrivatBank will also reinforce the fight against money laundering risk. From now on, the responsibility for prevention of money laundering and control over the compliance of the Bank’s activities will be assumed by the new member of the board Sandijs Vectevs, who has over 12 years of experience in this area

S. Vectevs is the Deputy Chairman of Compliance Control Committee and a member of Anti-Money Laundering Committee of the Association of Latvian Commercial Banks. He is a certified anti-money laundering specialist (CAMS certificate), as well as a member of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

Sandijs Vectevs, member of AS PrivatBank board: “My task at AS PrivatBank is to improve the internal control system of money laundering and terrorist financing risk management. It includes both the review of specific client risk aspects and improvement of the internal control mechanisms. In addition to the aforementioned improvements in the processes and control mechanisms, a strong emphasis is placed on the risk culture and professional ethics values. It should be noted, that each year the banks face more and more new requirements, implementation of which becomes increasingly complex. The Bank should be flexible enough to be able to acquire and implement the changes, being well aware of the banks’ increasing role in the fight against money laundering and terrorist financing. This is particularly important for AS PrivatBank, which offers its services both to local and foreign customers.

Sandijs Vectevs began his professional career in the financial sector 12 years ago, working with AS DNB Bank. S. Vectevs was responsible for customer transaction monitoring and due diligence, investigation of suspicious transactions, and supervision of implementation of anti-money laundering and terrorism financing measures.

S. Vectevs graduated from the University of Latvia, having obtained a Master’s degree in Law.

About AS PrivatBank: AS PrivatBank is a member of PrivatBank, an international banking group servicing more than 22 million customers in 9 countries (Latvia, Germany, United Kingdom, Spain, Portugal, Ukraine, Kazakhstan, China and Cyprus). AS PrivatBank is the 11th largest credit institution in Latvia by total assets. PrivatBank group is one of the 25 largest banks in the Central and Eastern Europe and one of the 10 largest banks in Eurasia.