{ "jurisdiction_id": "LV", "jurisdiction": "Latvia", "url": "https://payments.gi/jurisdictions/latvia/", "generator": "render_jid v13.3.0", "date_modified": "2026-08-11", "schema_version": "world-payments-v1", "counts": { "modules": 14, "sourced_findings": 71, "source_register": 122 }, "modules": [ { "code": "W1a", "name": "Licensing, Authorisation & Market Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/latvia/#w1a-licensing-authorisation-market-access", "standing_position": "Latvia operates a full EEA-passportable licensing regime for PI/EMI under national law (PSD2/EMD2 transposition); Latvijas Banka is sole licensor/supervisor since the 2023 FCMC merger; a new specialised credit institution licence (6 Jan 2026, EUR1M capital) supplements the regime; large live licensing pipeline (44 projects).", "findings": [ { "finding": null, "instrument_type": "national law (PSD2/EMD2 transposition)", "source": "https://www.fktk.lv/en/licensing/electronic-money-institutions/licensed-electronic-money-institution/", "source_url": "https://vendorica.com/supervisory/national-authorities/fcmc-latvia/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "institutional/regulator structure", "source": "https://vendorica.com/supervisory/national-authorities/fcmc-latvia/", "source_url": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "capital thresholds", "source": "https://legalaes.com/emi-license-in-latvia/", "source_url": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "Credit Institution Law amendment", "source": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_url": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "market access pipeline", "source": "https://chambers.com/articles/latvia-mica-emi-and-payment-institution-licensing-regulatory-framework-for-eea-market-entry-2026", "source_url": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "process/timeline", "source": "https://www.fktk.lv/en/licensing/payment-institutions/licensed-payment-institution/", "source_url": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W1b", "name": "Conduct, Safeguarding & Financial Promotions", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/latvia/#w1b-conduct-safeguarding-financial-promotions", "standing_position": "Safeguarding mandated under Section 38 (EMD2 Art.10 transposition) via segregation or insurance/guarantee, daily reconciliation, annual external audit; CRPC handles general consumer law, Latvijas Banka handles financial conduct/fund-protection as 2026 priority.", "findings": [ { "finding": null, "instrument_type": "safeguarding mechanism", "source": "https://s3.storage.pub.lvdc.gov.lv/liaa-bucket/shared/business.gov.lv/eiis-files/2025-08/EMI%20Latvia%20Overview%20Whitepaper.pdf", "source_url": "https://s3.storage.pub.lvdc.gov.lv/liaa-bucket/shared/business.gov.lv/eiis-files/2025-08/EMI%20Latvia%20Overview%20Whitepaper.pdf", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "safeguarding account structure", "source": "https://legalaes.com/emi-license-in-latvia/", "source_url": "https://www.bank.lv/en/news-and-events/news-and-articles/news/17442-latvias-financial-market-supervision-priorities-resilience-and-accessibility-of-financial-services", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "audit/oversight requirement", "source": "https://s3.storage.pub.lvdc.gov.lv/liaa-bucket/shared/business.gov.lv/eiis-files/2025-08/EMI%20Latvia%20Overview%20Whitepaper.pdf", "source_url": "https://www.bank.lv/en/news-and-events/news-and-articles/news/17442-latvias-financial-market-supervision-priorities-resilience-and-accessibility-of-financial-services", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "consumer conduct oversight (general)", "source": "https://www.em.gov.lv/en/consumer-rights-and-trade", "source_url": "https://www.bank.lv/en/news-and-events/news-and-articles/news/17442-latvias-financial-market-supervision-priorities-resilience-and-accessibility-of-financial-services", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "supervisory priority", "source": "https://www.bank.lv/en/news-and-events/news-and-articles/news/17442-latvias-financial-market-supervision-priorities-resilience-and-accessibility-of-financial-services", "source_url": "https://www.bank.lv/en/news-and-events/news-and-articles/news/17442-latvias-financial-market-supervision-priorities-resilience-and-accessibility-of-financial-services", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W2", "name": "Stablecoins & Digital Money", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/latvia/#w2-stablecoins-digital-money", "standing_position": "Law on Crypto-asset Services in force 30 June 2024, Latvijas Banka sole CASP supervisor; VASP-to-CASP application deadline 30 June 2025 (six-month transition per challenge-verified sources, NOT the 12-month/Dec-2025 extension in prior draft); three CASP classes, own-funds EUR50k-150k; annual fee 0.6% min EUR3,000.", "findings": [ { "finding": null, "instrument_type": "national MiCA transposition law", "source": "https://manimama.eu/the-approach-of-the-bank-of-latvia-to-casp-regulation-under-mica/", "source_url": "https://manimama.eu/the-approach-of-the-bank-of-latvia-to-casp-regulation-under-mica/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "licensing regime transition", "source": "https://legalbison.com/casp-license/latvia/", "source_url": "https://manimama.eu/mica/casp-license-in-latvia/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "capital/classification", "source": "https://plisio.net/blog/crypto-license-in-latvia", "source_url": "https://manimama.eu/mica/casp-license-in-latvia/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "VASP-to-CASP transition deadline", "source": "https://manimama.eu/mica/casp-license-in-latvia/", "source_url": "https://manimama.eu/mica/casp-license-in-latvia/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "supervisory fee structure", "source": "https://manimama.eu/mica/casp-license-in-latvia/", "source_url": "https://manimama.eu/mica/casp-license-in-latvia/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "EMI/crypto boundary", "source": "https://s3.storage.pub.lvdc.gov.lv/liaa-bucket/shared/business.gov.lv/eiis-files/2025-08/EMI%20Latvia%20Overview%20Whitepaper.pdf", "source_url": "https://manimama.eu/mica/casp-license-in-latvia/", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W3", "name": "Operational Resilience & Critical Infrastructure", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/latvia/#w3-operational-resilience-critical-infrastructure", "standing_position": "DORA applies since 17 Jan 2025; national complementary law effective 1 Oct 2025; EC infringement procedure opened March 2025 remains unresolved (CAUTION).", "findings": [ { "finding": null, "instrument_type": "EU Regulation (DORA)", "source": "https://www.bank.lv/en/operational-areas/supervision/ict-security-and-cyber-risks/dora-implementation-and-subjects", "source_url": "https://www.bank.lv/en/operational-areas/supervision/ict-security-and-cyber-risks/dora-implementation-and-subjects", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "incident-reporting channel change", "source": "https://www.bank.lv/en/operational-areas/supervision/ict-security-and-cyber-risks/dora-implementation-and-subjects", "source_url": "https://cyadviso.com/dora-reporting-at-the-bank-of-latvia/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "national implementing law", "source": "https://cyadviso.com/dora-reporting-at-the-bank-of-latvia/", "source_url": "https://cyadviso.com/dora-reporting-at-the-bank-of-latvia/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "EU infringement procedure", "source": "https://cyadviso.com/dora-reporting-at-the-bank-of-latvia/", "source_url": "https://cyadviso.com/dora-reporting-at-the-bank-of-latvia/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "supervisory inspection plan", "source": "https://www.bank.lv/en/news-and-events/news-and-articles/news/17442-latvias-financial-market-supervision-priorities-resilience-and-accessibility-of-financial-services", "source_url": "https://cyadviso.com/dora-reporting-at-the-bank-of-latvia/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "technical standards (RTS/ITS)", "source": "https://www.bank.lv/en/operational-areas/supervision/ict-security-and-cyber-risks/regulatory-framework-under-dora", "source_url": "https://cyadviso.com/dora-reporting-at-the-bank-of-latvia/", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W4", "name": "Scheme & Network Compliance", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/latvia/#w4-scheme-network-compliance", "standing_position": "Full SEPA membership; Instant Payments Regulation binding, VoP mandatory since Oct 2025; EKS provides first-in-EU direct non-bank PSP access.", "findings": [ { "finding": null, "instrument_type": "scheme membership", "source": "https://stripe.com/resources/more/sepa-country-list", "source_url": "https://www.ecb.europa.eu/paym/retail/sepa/html/index.en.html", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "EU cross-border rules", "source": "https://ecb.europa.eu/paym/retail/sepa/html/index.en.html", "source_url": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "Instant Payments Regulation / VoP", "source": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_url": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "national clearing system (EKS)", "source": "https://fintechlatvia.eu/news/a-major-step-for-financial-inclusivity-non-bank-payment-service-providers-access-to-sepa/", "source_url": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "card security standard", "source": "https://www.ecb.europa.eu/press/pubbydate/2019/html/ecb.cardpaymentsineu_currentlandscapeandfutureprospects201904~30d4de2fc4.en.html", "source_url": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W5", "name": "Payment Corridor Dynamics", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/latvia/#w5-payment-corridor-dynamics", "standing_position": "Principal corridor is intra-EU/SEPA euro flow via EKS; correspondent friction on Scandinavian currencies; non-resident deposit corridor structurally declined since 2018 AML reform.", "findings": [ { "finding": null, "instrument_type": "national instant payment rail", "source": "https://fintechlatvia.eu/news/a-major-step-for-financial-inclusivity-non-bank-payment-service-providers-access-to-sepa/", "source_url": "https://fintechlatvia.eu/news/a-major-step-for-financial-inclusivity-non-bank-payment-service-providers-access-to-sepa/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "correspondent banking corridor friction", "source": "https://gadaparskats.latvijasbanka.lv/en/2023/operational-areas/financial-sector-supervision", "source_url": "https://gadaparskats.latvijasbanka.lv/en/2023/operational-areas/financial-sector-supervision", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "FX/geopolitical corridor shift", "source": "https://gadaparskats.latvijasbanka.lv/en/2023/operational-areas/financial-sector-supervision", "source_url": "https://gadaparskats.latvijasbanka.lv/en/2023/operational-areas/financial-sector-supervision", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "non-resident deposit corridor", "source": "https://www.federalregister.gov/documents/2024/09/27/2024-22299/proposal-of-special-measure-against-ablv-bank-as-as-a-financial-institution-of-primary-money", "source_url": "https://gadaparskats.latvijasbanka.lv/en/2023/operational-areas/financial-sector-supervision", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W6", "name": "Industry Structure & Commercial Dynamics", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/latvia/#w6-industry-structure-commercial-dynamics", "standing_position": "Banking sector concentrated around 3 ECB-significant institutions plus Luminor branch; fintech/EMI/PI/CASP layer grew to 149 firms (2025).", "findings": [ { "finding": null, "instrument_type": "market concentration", "source": "https://en.wikipedia.org/wiki/List_of_banks_in_Latvia", "source_url": "https://en.wikipedia.org/wiki/List_of_banks_in_Latvia", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "supervisory tiering", "source": "https://en.wikipedia.org/wiki/List_of_banks_in_Latvia", "source_url": "https://fintechbaltic.com/11095/fintechlatvia/latvian-fintech-map-2025/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "credit union sector", "source": "https://en.wikipedia.org/wiki/List_of_banks_in_Latvia", "source_url": "https://fintechbaltic.com/11095/fintechlatvia/latvian-fintech-map-2025/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "fintech sector composition", "source": "https://fintechbaltic.com/11095/fintechlatvia/latvian-fintech-map-2025/", "source_url": "https://fintechbaltic.com/11095/fintechlatvia/latvian-fintech-map-2025/", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W7", "name": "Legal & Litigation", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/latvia/#w7-legal-litigation", "standing_position": "ABLV Bank case (2018 FinCEN 311 finding, licence withdrawal, self-liquidation, 2022 criminal charges, Sept 2024 designation withdrawal) remains the anchor litigation/enforcement history; LPB Bank (2023) and Baltic International Bank (2024) enforcement continues.", "findings": [ { "finding": null, "instrument_type": "US Section 311 finding", "source": "https://www.fincen.gov/news/news-releases/fincen-names-ablv-bank-latvia-institution-primary-money-laundering-concern-and", "source_url": "https://www.fincen.gov/news/news-releases/fincen-names-ablv-bank-latvia-institution-primary-money-laundering-concern-and", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "ECB regulatory action / litigation", "source": "https://www.ft.dk/samling/20181/almdel/ERU/bilag/30/1957614.pdf", "source_url": "https://www.federalregister.gov/documents/2024/09/27/2024-22299/proposal-of-special-measure-against-ablv-bank-as-as-a-financial-institution-of-primary-money", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "criminal proceedings", "source": "https://en.wikipedia.org/wiki/ABLV_Bank", "source_url": "https://www.bank.lv/en/news-and-events/news-and-articles/news/16718-latvijas-banka-imposes-a-2-million-euro-fine-on-as-lpb-bank-upon-concluding-an-administrative-agreement", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "designation withdrawal", "source": "https://www.federalregister.gov/documents/2024/09/27/2024-22299/proposal-of-special-measure-against-ablv-bank-as-as-a-financial-institution-of-primary-money", "source_url": "https://www.bank.lv/en/news-and-events/news-and-articles/news/16718-latvijas-banka-imposes-a-2-million-euro-fine-on-as-lpb-bank-upon-concluding-an-administrative-agreement", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "administrative enforcement/fine", "source": "https://www.bank.lv/en/news-and-events/news-and-articles/news/16718-latvijas-banka-imposes-a-2-million-euro-fine-on-as-lpb-bank-upon-concluding-an-administrative-agreement", "source_url": "https://www.bank.lv/en/news-and-events/news-and-articles/news/16718-latvijas-banka-imposes-a-2-million-euro-fine-on-as-lpb-bank-upon-concluding-an-administrative-agreement", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "individual sanctions", "source": "https://uzraudziba.bank.lv/en/market/sanctions/?sid=41&l=1", "source_url": "https://www.bank.lv/en/news-and-events/news-and-articles/news/16718-latvijas-banka-imposes-a-2-million-euro-fine-on-as-lpb-bank-upon-concluding-an-administrative-agreement", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W8", "name": "Merchant Acquiring & Risk", "confidence": "Possible", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/latvia/#w8-merchant-acquiring-risk", "standing_position": "No Latvia-specific acquiring statute; EU IFR/PSD2 harmonised baseline governs merchant acquiring.", "findings": [ { "finding": null, "instrument_type": "acquiring/onboarding practice", "source": "https://quadrapay.com/payment-gateway-latvia/", "source_url": "https://quadrapay.com/payment-gateway-latvia/", "source_tier": "4", "retrieved_at": null }, { "finding": null, "instrument_type": "PCI DSS security baseline", "source": "https://www.ecb.europa.eu/press/pubbydate/2019/html/ecb.cardpaymentsineu_currentlandscapeandfutureprospects201904~30d4de2fc4.en.html", "source_url": "https://quadrapay.com/payment-gateway-latvia/", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W9", "name": "Product Innovation & Market Development", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/latvia/#w9-product-innovation-market-development", "standing_position": "Innovation Hub/Sandbox/ZibLab active; Fintech Strategy targets one-third fintech growth; new specialised credit institution category launched Jan 2026; AI adoption doubling.", "findings": [ { "finding": null, "instrument_type": "innovation infrastructure", "source": "https://legalbison.com/casp-license/latvia/", "source_url": "https://legalbison.com/casp-license/latvia/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "sandbox / market access product", "source": "https://fintechlatvia.eu/news/a-major-step-for-financial-inclusivity-non-bank-payment-service-providers-access-to-sepa/", "source_url": "https://fintechbaltic.com/11332/fintechlatvia/latvian-startup-ecosystem-expands/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "national fintech strategy", "source": "https://chambers.com/articles/latvia-mica-emi-and-payment-institution-licensing-regulatory-framework-for-eea-market-entry-2026", "source_url": "https://fintechbaltic.com/11332/fintechlatvia/latvian-startup-ecosystem-expands/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "AI adoption trend", "source": "https://www.bank.lv/en/component/content/article/726-news-and-events/17489-the-future-of-financial-services-in-latvia-a-vision-for-innovation-connectivity-and-purpose-driven-growth", "source_url": "https://fintechbaltic.com/11332/fintechlatvia/latvian-startup-ecosystem-expands/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "new market participant category", "source": "https://fintechbaltic.com/11332/fintechlatvia/latvian-startup-ecosystem-expands/", "source_url": "https://fintechbaltic.com/11332/fintechlatvia/latvian-startup-ecosystem-expands/", "source_tier": "3", "retrieved_at": null } ] }, { "code": "W10", "name": "Consumer Protection & APP Fraud", "confidence": "High", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/latvia/#w10-consumer-protection-app-fraud", "standing_position": "CRPC/Latvijas Banka split consumer protection oversight; VoP anchors APP-fraud mitigation with measurable impact.", "findings": [ { "finding": null, "instrument_type": "consumer protection regime", "source": "https://www.ptac.gov.lv/en/consumer-protection", "source_url": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "APP-fraud mitigation tool (Verification of Payee)", "source": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_url": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "obligation in force", "source": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_url": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "consumer accessibility supervisory priority", "source": "https://www.bank.lv/en/news-and-events/news-and-articles/news/17442-latvias-financial-market-supervision-priorities-resilience-and-accessibility-of-financial-services", "source_url": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "complaint/redress mechanism", "source": "https://www.ptac.gov.lv/en/services/submission-application-consumer-rights-protection-centre", "source_url": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W11", "name": "AML/CFT & Financial Crime", "confidence": "Confirmed", "moved_this_cycle": false, "url": "https://payments.gi/jurisdictions/latvia/#w11-aml-cft-financial-crime", "standing_position": "Sentinel-fed payments-context position: Latvia's dramatic AML/CFT rehabilitation post-ABLV, first jurisdiction assessed under 6th-round FATF methodology, MER adopted June 2025 with marked effectiveness gains, never grey-listed.", "findings": [ { "finding": null, "instrument_type": "assessment methodology status", "source": "sentinel.fm.gov.lv/en/article/latvia-first-country-be-assessed-according-new-international-financial-compliance-standards", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Latvia is an EU/MONEYVAL member whose AML/CFT supervisory functions (formerly the FCMC/FKTK) were absorbed into the central bank, Latvijas Banka, in 2023. Its 5th-round MONEYVAL mutual evaluation was adopted June 2025. Historic non-resident/offshore banking (ABLV, Trasta Komercbanka) drove past FinCEN 311 actions; reforms since have reduced non-resident deposits materially.", "instrument_type": "assessment", "source": "FIM (sentinel.gi) per-JID baseline profile — Latvia", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Gap: absent-field-provenance", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-003)", "source_url": null, "source_tier": null, "retrieved_at": null }, { "finding": "Enforcement: UK Government / Joint Expeditionary Force (JEF), Latvia as framework partner — Russian shadow-fleet tankers operating in Baltic and North Sea waters", "instrument_type": "enforcement_action", "source": "FIM (sentinel.gi) enforcement_action_register (issue FIM-BASE-ENF-004)", "source_url": null, "source_tier": "1", "retrieved_at": null }, { "finding": "Sanctions: OFAC listing", "instrument_type": "sanctions_change", "source": "FIM (sentinel.gi) sanctions_change_register (issue FIM-BASE-SANC-003)", "source_url": null, "source_tier": "2", "retrieved_at": null }, { "finding": "Gap: enforcement-absence", "instrument_type": "gap", "source": "FIM (sentinel.gi) gaps_register_cumulative (issue FIM-BASE-GAP-002)", "source_url": null, "source_tier": null, "retrieved_at": null } ] }, { "code": "W12", "name": "Correspondent Banking, Settlement & Access", "confidence": "Confirmed", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/latvia/#w12-correspondent-banking-settlement-access", "standing_position": "3 ECB-significant banks operate within SSM/CCBM; correspondent friction persists for Scandinavian currencies; Latvijas Banka extending direct EKS/SEPA access to reduce non-bank PSP correspondent dependency.", "findings": [ { "finding": null, "instrument_type": "Eurosystem collateral/correspondent model", "source": "https://ecb.europa.eu/paym/coll/coll/ncbpractices/html/latvia.en.html", "source_url": "https://ecb.europa.eu/paym/coll/coll/ncbpractices/html/latvia.en.html", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "prudential supervision structure", "source": "https://www.bank.lv/en/operational-areas/supervision/banking-supervision", "source_url": "https://legalbison.com/casp-license/latvia/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "correspondent access friction", "source": "https://gadaparskats.latvijasbanka.lv/en/2023/operational-areas/financial-sector-supervision", "source_url": "https://legalbison.com/casp-license/latvia/", "source_tier": "1", "retrieved_at": null }, { "finding": null, "instrument_type": "reducing correspondent dependency", "source": "https://legalbison.com/casp-license/latvia/", "source_url": "https://legalbison.com/casp-license/latvia/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "non-resident deposit access risk history", "source": "https://www.ft.dk/samling/20181/almdel/ERU/bilag/30/1957614.pdf", "source_url": "https://legalbison.com/casp-license/latvia/", "source_tier": "1", "retrieved_at": null } ] }, { "code": "W13", "name": "Commercial Intelligence & Fintech", "confidence": "High", "moved_this_cycle": true, "url": "https://payments.gi/jurisdictions/latvia/#w13-commercial-intelligence-fintech", "standing_position": "Trailing-12-month commercial activity: Paynt/E-xact Transactions M&A, Civinity/Mobilly stake, Handwave and POS Finance funding rounds, new specialised credit institution licence framework, continued licensing pipeline growth.", "findings": [ { "finding": null, "instrument_type": "commercial_event: M&A", "source": "https://fintechbaltic.com/11095/fintechlatvia/latvian-fintech-map-2025/", "source_url": "https://fintechbaltic.com/11095/fintechlatvia/latvian-fintech-map-2025/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: minority stake acquisition", "source": "https://fintechbaltic.com/11095/fintechlatvia/latvian-fintech-map-2025/", "source_url": "https://fintechbaltic.com/11095/fintechlatvia/latvian-fintech-map-2025/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: funding round", "source": "https://fintechbaltic.com/11095/fintechlatvia/latvian-fintech-map-2025/", "source_url": "https://fintechbaltic.com/11095/fintechlatvia/latvian-fintech-map-2025/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: funding round", "source": "https://fintechbaltic.com/11095/fintechlatvia/latvian-fintech-map-2025/", "source_url": "https://fintechbaltic.com/11095/fintechlatvia/latvian-fintech-map-2025/", "source_tier": "3", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: new licensed entrant", "source": "https://ecovis.lt/regrally-insights-emi-pi-regulation-may-2026/", "source_url": "https://fintechbaltic.com/11095/fintechlatvia/latvian-fintech-map-2025/", "source_tier": "2", "retrieved_at": null }, { "finding": null, "instrument_type": "commercial_event: regulatory market-structure change", "source": "https://fintechbaltic.com/11332/fintechlatvia/latvian-startup-ecosystem-expands/", "source_url": "https://fintechbaltic.com/11095/fintechlatvia/latvian-fintech-map-2025/", "source_tier": "3", "retrieved_at": null } ] } ] }