Pursuant to amendments to the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing (hereinafter referred to as the “Law”), which entered into force on 15 October 2026, in the cases specified in the Law, funds left unclaimed by a client following the termination of the business relationship with the bank may become ownerless property accruing to the State.
The changes apply to the bank’s clients who are non-residents of Latvia, both legal entities and natural persons, provided that all of the following conditions are met:
- The business relationship with the client is terminated in the cases specified in the Law.
- Following the closure of the client’s accounts, a positive balance remains in the accounts.
- Within five years of the termination of the business relationship, the client has not exercised the rights provided for in Section 43, Paragraph two of the Law in respect of these funds.
Important:
- The new procedure also applies to clients whose business relationships with the bank were terminated before the amendments entered into force. Such clients are entitled to contact the bank and exercise the rights provided for in the Law within six months from 15 October 2026. If a client does not exercise these rights by 15 April 2027, the client will lose the right to claim these funds from the bank, and the funds will accrue to the State as ownerless property.
- The amendments do not apply to funds frozen in accordance with the Law, funds seized in accordance with the procedures prescribed by the Criminal Procedure Law, or funds in respect of which enforcement proceedings are being carried out pursuant to the Civil Procedure Law.
Section 43, Paragraph two of the Law entitles a client to transfer the funds to an account with another financial institution or withdraw them in cash, up to a limit of EUR 7,200, provided that the bank has no legal grounds for refraining from executing the transaction.
If you believe that this notice may be relevant to you or the company you represent, please contact your personal relationship manager or the bank’s Call Centre immediately by email [email protected] or by telephone + 371 67025555.