What is banking compliance and why is it important?

Banking compliance refers to the process and controls that banks put in place to ensure they adhere to applicable laws, regulations, and industry standards. It is crucial to manage legal risk, build trust with regulators, and maintain operational integrity.

Which regulations are applicable to banks in the UK?

In the UK, banks must comply with regulations such as the Financial Services and Markets Act, Prudential Regulation Authority (PRA) rules, Financial Conduct Authority (FCA) regulations, anti‐money laundering (AML) laws, and data protection requirements.

Do you assist with obtaining banking licences and regulatory authorisations?

Yes. ABM Global Compliance provides support throughout the process of obtaining banking licences and regulatory authorisations, including preparing documentation, liaising with regulators, and ensuring ongoing compliance.

What is involved in a banking compliance audit?

A banking compliance audit involves reviewing policies, systems, and practices to identify gaps in regulatory compliance; assessing risk exposure; and recommending corrective actions to ensure full compliance with applicable regulatory standards.

How can strategic compliance solutions help my bank?

Strategic compliance solutions help banks align their compliance frameworks with business goals, implement robust systems for risk mitigation, and stay ahead of regulatory changes to avoid fines and reputational damage.

How do you monitor changes in banking regulation?

ABM Global Compliance tracks regulatory updates from bodies such as the FCA, PRA, and other relevant international regulators and reviews internal policies accordingly; we also provide advisory services to adapt to new requirements quickly.

Is there ongoing support after compliance frameworks are set up?

Yes. We offer ongoing monitoring, periodic reviews, staff training, compliance reporting, and adjustments to your framework as regulations evolve.

How do I start working with ABM Global Compliance for banking services?

You can contact us via phone at +44 207 515 7080 or email info@abmglobalcompliance.com/lv. We begin with a discovery call to understand your needs, then propose a tailored compliance plan.

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Designing Comprehensive Compliance Frameworks for Banks

ABM Global develops and implements robust, end-to-end compliance frameworks specifically tailored to Latvian banking institutions. Our frameworks are designed in line with requirements set by the Financial and Capital Market Commission (FKTK), the Bank of Latvia, and applicable EU directives. We cover governance structures, operational and conduct risk management, AML/CFT controls, credit risk policies, and outsourcing compliance. Automated monitoring and reporting solutions are integrated for real-time oversight and to maintain scalable, resilient compliance systems.

AML/CFT Program Development & Reviews

We assist banks in building and enhancing AML/CFT programs that align with Latvian law, FCMC guidance, and FATF standards. Services include customer due diligence (CDD) and enhanced due diligence (EDD) procedures, politically exposed person (PEP) and sanctions screening, transaction monitoring frameworks, and suspicious transaction reporting processes. We also perform independent reviews, gap analyses, and remediation planning to ensure readiness for supervisory inspections.

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Regulatory Licensing & Advisory for Banks

ABM advises on obtaining and maintaining banking licences under the FKTK’s regulatory framework. We guide new applicants, foreign bank branches, and subsidiaries through local licensing requirements and ongoing prudential and conduct obligations. Our readiness reviews prepare institutions for evolving EU and Latvian supervisory expectations.

Outsourced Compliance Functions

To address capacity and resource challenges, ABM offers outsourced roles such as Chief Compliance Officer (CCO), Money Laundering Reporting Officer (MLRO), and Data Protection Officer (DPO). Our team manages daily compliance monitoring, reporting obligations, governance updates, and advisory support—providing cost-efficient, high-quality compliance operations.

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Banking-Specific Training and Capacity Building

We deliver training programs for compliance teams, operational staff, and executives on AML/CFT compliance, prudential standards, data protection, and EU banking requirements. Our approach combines interactive workshops, scenario-based learning, and board-level briefings to embed a strong compliance culture.

Internal Audit & Regulatory Readiness Reviews

We perform internal audits and mock supervisory inspections to test controls around AML/CFT, KYC, operational risk, market conduct, and governance. Our reports include practical recommendations to improve preparedness for FKTK and EU regulatory reviews.

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Cross-Border & EU Banking Compliance

For Latvian banks operating internationally, ABM provides advisory on multi-jurisdictional compliance, including alignment with EU regulations, FATCA, CRS, and global AML/CFT standards. We help harmonise group policies and manage cross-border regulatory reporting.

Ongoing Compliance Support

We offer quarterly compliance health checks, regulatory update briefings, and compliance dashboard reporting to keep institutions ahead of legal and supervisory changes.