Rietumu Banka has established correspondent relations with the international bank Deutsche Bank, which will allow it to start making direct payments in US dollars from May 6, as well as servicing such payments for other participants in the Latvian financial market. The correspondent bank in the US provides access to the American payment system, allowing for fast and reliable processing of client payments in US dollars.
“This is a strategically important event in the development of Rietumu Banka. By adding US dollars to our payment spectrum, we will have the broadest opportunities for conducting currency payments both in Latvia and in the Baltics. This will provide our clients with comprehensive service for international transactions practically worldwide. Cooperation with Deutsche Bank strengthens Rietumu Banka's position among the leading banks in the Baltics in the corporate client service segment,” noted Elena Buraya, Chairwoman of the Management Board of Rietumu Banka.
To fully conduct payments in US dollars, the bank needs to have an account with a correspondent bank registered in the United States and having an account in the Federal Reserve System. Banks in Latvia and most European banks conduct dollar payments through correspondent banks; however, not all have the necessary standards and capabilities to ensure direct settlements in US dollars. Rietumu Banka's cooperation with Deutsche Bank will ensure reliable and uninterrupted processing of dollar payments.
Since the correspondent bank, while executing payment orders from clients of other banks, bears joint responsibility for the risks of operations, an important condition for establishing such relations is compliance with high standards in the area of compliance. The establishment of cooperation with Deutsche Bank confirms that Rietumu Banka ensures the highest level of reliability of its processes and compliance with the highest standards in the field of anti-money laundering and counter-terrorism financing. A significant positive influence on the start of cooperation was also exerted by the favorable MONEYVAL report published at the beginning of this year, which recognized Latvia as a country with an effective and transparent system resilient to money laundering risks.
“We are proud to have the opportunity to partner with Rietumu Banka and Latvia, while simultaneously strengthening our support for the European Union, taking into account compliance with international, American, and other related standards that ensure sustainable expansion and development of banking services. The highest professionalism of Rietumu Banka's management, the regulatory reforms conducted in Latvia, and signals at the highest state leadership level indicate the formation of an industry culture focused on accessibility and reliability,” stated Matthew Probershteyn, Head of Institutional Cash Management at Deutsche Bank in North America.
About Rietumu Banka
Rietumu Banka is the largest Latvian bank with local capital and one of the leading banks in the Baltic region. The bank's activities are aimed at servicing large and medium-sized enterprises in Latvia and other Baltic and European countries, as well as wealthy individuals. Rietumu Banka's clients include companies operating in sectors such as green energy, food and other goods production, commercial and residential real estate, construction, import and export operations, logistics, trade, financial services, technology, and other industries.
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