NCCL meeting with BlueOrange Bank

22 May 2020

On May 21, NCCL members joined an online meeting with the Executive Team of BlueOrange Bank, which joined NCCL as Gold member earlier this year, to discuss key aspects in building and maintaining long-term relationship with the bank!

The recent overhaul of Latvia's financial system, putting in place stringent compliance and anti-money laundering measures, saved Latvia from being gray-listed by international anti-money laundering institutions. However, it created also many negative side effects. Foreign investors in Latvia have suffered closures of their bank accounts, opening new ones takes months, for others it has turned out to be a mission impossible. In the light of these trends, Dmitry Feldman, Executive Officer and Board member of the BlueOrange Bank shared his advice for establishing long-term relations with a bank in the light of the new compliance culture.

The key advice shared by the Bank executive was:

• To provide accurate and detailed information on the nature of the business and planned bank accounts transactions, as well as the economic rationale for establishing and running the particular business;
• To provide accurate and complete information on beneficial owners (persons who own or control the company), including proof of wealth, source of funds, evidence of person's experience and background in the particular industry;
• To provide fair information about current and potential business partners and the nature of the collaboration as well as projected turnover.

Other things that help building successful long-term cooperation with the bank, as explained by Mr. Feldman, are to maintain operational communication with the bank by explaining the details of the business and answering bank's questions. He also advised to proactively communicate with the bank in case of major changes in the management, ownership, company structure etc. An important aspect to avoid potential problems in the payment process is to comply with the requirements for payment processing information.

Since 2001, BlueOrange Bank has been one of the leading independent banks in Latvia, providing banking, asset management and other financial services to private and corporate clients across Latvia, Europe and the rest of the world. BlueOrange combines an individual approach with world-class banking technologies to provide an exceptional level of service for its clients, with a particular focus on financing small and medium enterprises, asset management, e-commerce and partnerships with international fintech companies.

Among sectores credited by the BlueOrange Bank, are Light industry and food industry, Metalworking and woodworking, Trade, transport, and logistics, Shipping and ports, Construction of real estate.


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