In February 2026, Transparency International published its latest Corruption Perceptions Index (CPI), one of the most widely used international indicators for assessing corruption risks in the public sector. The index covers more than 180 countries and territories, assigning scores on a scale from 0 to 100, where a higher score means a lower perceived level of corruption.
Entrepreneurs often get really worried when they get a notice from the State Revenue Service (SRS) about checking if they're following the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing (AML/CTF) and the requirements of the International and Latvian National Sanctions (Sanctions) Law, or, as it is also known, a SRS AML (Anti Money Laundering) review.
January 29, 2026, is an important date for AML/CFT professionals in the European Union — the updated EU high-risk third country list will come into force, directly affecting customer risk assessment, transaction monitoring and the scope of enhanced due diligence (EDD). This is not just a "list adjustment" — it is a clear message from the regulator about how the EU assesses international financial crime risks and what obligations it expects from responsible entities.
A recent case in Latvia serves as an important reminder for compliance, AML/CTF, sanctions and risk-management professionals: EU sanctions against Russia extend far beyond traditional trade controls. They increasingly focus on services, expertise, and managerial involvement — areas where exposure is often underestimated.
As we all know effective compliance management systems and robust internal control mechanisms are essential for mitigating financial crime risks. Companies must perform regular risk assessments, apply sanctions screening, and strengthen their internal control system to protect against legal and reputational threats.
aml.plus now offers a great opportunity to create individual KYC questionnaires. Users can choose to include only the questions and fields that are necessary in the questionnaires, customize or exclude entire sections, and set their own risk weights according to the specifics of their business and the requirements of their Internal Control System (ICS). This […]
In June 2025, the Financial Action Task Force (FATF) released a report titled “Complex Proliferation Financing and Sanctions Evasion Schemes”. This document outlines the increasingly sophisticated methods used by actors, especially those linked to weapons of mass destruction (WMD) programs, to circumvent international sanctions and continue illicit financial activity.
On 19 July 2025, the European Union published its 18th package of sanctions against Russia, continuing its response to Russia’s aggression against Ukraine. This package includes some of the most systemic and forward-looking measures yet—targeting Russian oil, banking, shadow fleets, and foreign collaborators, while also escalating pressure on Belarus.
Sanctions regimes have recently become increasingly complex and fluid, posing serious risks for businesses operating in an international environment. To help companies better manage these risks, the Financial Intelligence Service (FIU) has published guidance on "Managing sanctions risks when dealing with high risk countries".
The 17th package of sanctions against Russia is currently in force, entering into force on 20 May 2025 and serving as the basis for the planned 18th package.
As international sanctions become a central tool in global efforts to uphold rule of law and curb illicit finance, businesses — especially those operating cross-border — face increasing exposure to compliance risks. A recent KLEPTOTRACE report, supported by the European Commission, sheds light on how sanctions are being circumvented and what steps entrepreneurs can take to avoid inadvertently enabling these violations.
The European Commission has launched the EU Sanctions Helpdesk, a free service designed to assist small and medium-sized enterprises (SMEs) in complying with over 40 EU sanctions regimes worldwide. The Helpdesk offers personalized support, including sanctions-related information, country-specific guidance, and training events, aiming to reduce compliance risks and associated costs for SMEs.
On the heels of Russia’s continued aggression against Ukraine, the European Union (EU) has introduced its 16th sanctions package — a decisive move designed to tighten economic pressure on Russia and curtail its ability to finance the war. This latest package, adopted in early 2025, brings a series of powerful measures aimed at closing loopholes and reinforcing previous sanctions.
The EU has adopted its 15th sanctions package targeting Russia's continued aggression against Ukraine. This new set of measures strengthens enforcement, tackles circumvention, and expands restrictions on individuals, entities, and industries supporting the Russian war machine. Notably, the EU has imposed its first “fully-fledged” sanctions on specific Chinese actors aiding Russia’s military efforts.
On October 8, 2024, the EU Council adopted a new sanctions program against Russia in response to its "destabilizing" actions outside its territory. The Official Journal of the EU published EU Council Regulation No. 2024/2642 and Decision No. 2024/2643, which outline restrictions under the new sanction mechanism. The grounds for imposing blocking sanctions are detailed in Article 2 of the Regulation.
On September 24, 2024, the G7 countries released new joint guidelines for the industrial sector. This document is crucial in helping businesses identify risks associated with circumventing export restrictions targeted at Russia's defense industry.
An OFAC (Office of Foreign Assets Control) license is required for individuals or entities planning to engage in transactions with individuals or entities subject to U.S. sanctions. This applies to both U.S. and foreign companies and persons, as long as their activities fall under U.S. jurisdiction.
On 1 July, the U.S. Department of Commerce's Bureau of Industry and Security published a new compendium on criminal and administrative export control enforcement actions. This document is an important resource for all members of the export community.
It is important for compliance officers to keep up to date with the latest regulatory publications, in particular in the fight against money laundering and financial crime. For example, last week the European Union published a valuable document providing a list of public officials (politically exposed persons or PEPs) of Member States and EU institutions.
On June 29, 2024, the EU Council has introduced additional restrictive measures against Belarus.
Main points:
1. A ban is introduced on the supply of dual-use goods and technologies, luxury goods, and maritime navigation technologies.
2. Import of gold, diamonds, helium, coal and crude oil from Belarus is prohibited.
3. Prohibition on the provision of auditing, consulting, architectural, engineering, marketing and advertising services....
Refusing to onboard a customer can take place at different points in the customer cycle. The company may choose to not accept a new customer because after conducting customer due diligence, you discover the customer is outside of your organization’s risk appetite. Or the customer might have raised enough red flags for financial crime or for violation or circumvention of sanctions
In order to reinforce the sanctions against Russia and to prevent circumvention of the export bans, a requirement as part of the twelfth sanctions package adopted on 18 December 2023, namely Annex I to Council Regulation (EU) No 258/2012, entered into force on 20 March 2024.12.Article 12(g) requires and obliges EU exporters to contractually prohibit the re-export of certain goods to or for use in Russia when exporting, selling, supplying or transferring those goods and technology to third countries ...
What will be the sanctions policy towards Russia in 2024? This can be seen from the key decisions on sanctions already built into the current sanctions policy.
Expect to see an expansion of economic and trade sanctions, an improvement in the mechanisms for confiscating Russian assets, and more systematic attempts to force third-country companies to refuse to cooperate with Russia, in particular in the areas of industrial supplies and technological cooperation. These three areas constitute the basic scenarios for the 2024 sanctions against Russia.
Know Your Customer (KYC) is an important process for companies in a variety of industries, including outsourced accounting, real estate and legal services. It helps companies verify the identity of their customers and assess potential risks. However, there are common mistakes that can hinder the effectiveness of the customer due diligence process. In this blog post, we will look at five common mistakes to avoid when conducting customer due diligence.
The inclusion or re-inclusion of natural or legal persons in the EU sanctions measures may be challenged before the Court of Justice of the European Union under Article 263 of the Treaty on the Functioning of the European Union (TFEU).
Looking for an answer to how to set up an Internal control system (ICS) for the implementation of the AML/CFT Law on your own? Read the answer in our new blog post. But before answering the question "how?", let's first try to answer the questions "why do you need to set up an ICS in the first place?" and "what is an ICS?
Control is a critical and complex management function capable of preventing conflicts with the external and internal environment. All possible changes (internal or external) should be identified in advance and certain steps should be taken to minimize their impact on the business.
Every entrepreneur registered in Latvia who carries out economic activity or provides professional services regulated by the AML/CFT Law is already aware of a set of specific and mandatory actions that must be followed before providing a service or during a business relationship.
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