Regulatory Alerts2025-05-19
Guidelines for Monitoring, Managing and Mitigating the Risk of Financial Fraud
Latvijas Banka issued these February 2025 guidelines to establish organizational requirements and risk-based procedures for credit and payment institutions to monitor and mitigate financial fraud. The document mandates that institutions implement robust internal governance, conduct annual fraud risk assessments, and maintain secure, real-time information exchange systems with other entities. It further requires the use of key performance indicators, regular staff training, and technological measures to detect fraud and manage payment authorization risks effectively.
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