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Today the Council of Latvijas Banka adopted amendments to Procedure No. 216/7 "Participation Procedure in Latvijas Banka's VNS System" of 11 November 2013 (to take effect on 15 March 2016).

Pursuant to the amendments, the commission fees for storing government debt securities with an original maturity of up to 1 month in the securities and collateral system of Latvijas Banka (VNS system) will be calculated at the end of each calendar day. Up to now fees for all securities were calculated as per the outstanding amount of securities in the VNS system on the last day of the month.

Today Latvijas Banka approved amendments to Regulation No. 141 "Requirements for the Prevention of Laundering the Proceeds from Criminal Activity (Money Laundering) and of Terrorist Financing when Purchasing and Selling Cash Foreign Currencies" of 15 September 2014 (to take effect on 15 March 2016).

The amendments have been drafted in view of the changes to the Law on the Prevention of Laundering of Proceeds Derived from Criminal Activity and of Terrorist Financing expanding the meaning of the notions of a politically exposed person, his/her family member, and a close associate of a politically exposed person, as well as separating the definitions of a family member of a politically exposed person and a close associate of a politically exposed person from the definition of a politically exposed person. The Regulation amendments provide for supplementing the Regulation with the notions of a family member of a politically exposed person and a close associate of a politically exposed person as separately defined in the Law on the Prevention of Laundering of Proceeds Derived from Criminal Activity and of Terrorist Financing.

The Regulation has also been revised to be in line with the ruling of the Constitutional Court of 2 March 2016 in the case regarding the compliance of Paragraphs 19 and 20 of Latvijas Banka's Regulation No. 141 "Requirements for the Prevention of Laundering the Proceeds from Criminal Activity (Money Laundering) and of Terrorist Financing when Purchasing and Selling Cash Foreign Currencies" of 15 September 2014 with Articles 1 and 64, as well as the first sentence of Article 91 of the Constitution. The above paragraphs of the Regulation have been deemed void and null and hence have been deleted.