OECD CRS in Latvia

We hereby inform you that the number of countries that have joined the Global Common Reporting Standard (CRS) for automatic exchange of financial accounts information of the Global Organisation for Economic Co-operation and Development (OECD) has increased.

Latvia has joined the group of adopters of the OECD CRS and to ensure compliance with the requirements of the laws and regulations, JSC LPB Bank is processing Client data subject to reporting and is submitting a report on the Clients’ accounts to the to the State Revenue Service.

The list of countries the tax residents of which are subject to OECD CRS Standard Reporting Requirements, are periodically updated and can be found here: Cabinet of Ministers Regulation No. 20 “Procedures for Financial Institutions on Performing Due Diligence of the Financial Accounts and Submitting Information on Financial Accounts to the State Revenue Service”, in the attachment. (available in Latvian).

We hereby inform you that the requirement to provide information on the Clients’ accounts does not apply to Clients – private individuals and legal entities – which are taxpayers in the Republic of Latvia.

Should you have any questions or inquiries, please contact the Bank in writing via Internet Banking.

Additional information:

CRS fact sheet issued by the Association of Commercial Banks of Latvia

OECD website for OECD CRS information exchange