Latvian Financial regulator withdraw from registered entity’s list 2 electronic money entities

Complete Payment Systems’ and ‘Money Express were withdrawn from the Latvian register of licence payment services providers.

As per reports, one of the entities was recently fined for shortcomings on its AML controls while the second one failed to produce a relevant customer risk assessment.

The lack of governance; risk assessments and appropriate measures to comply with AML regulations were capital to the decision.

Both entities stated not to have outstanding obligations towards customers at the moment of withdrawal.



Jaime Prieto

Mr. Jaime Prieto is a lawyer experienced in Financial Crime, Anti-Money Laundering and Counter Terrorism Financing having extensive professional experience in both public and private sectors. Mr. Prieto has been a Head of Compliance in the European Union, the Americas and the Caribbean for banks, trust companies, asset managers, Big Four audit and advisory firms, RegTechs, government agencies and other types of financial professionals. In addition to his experience, he has been legal and educational chair in several compliance and sectorial organisations and performed as a teacher and speaker for a number of organisations and in several local and international forums. Furthermore, Mr. Prieto is an experienced Money Laundering Reporting Officer anda Data Protection officer with additional experience in risk management.
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