Secure payments and fraud prevention have been among the financial sector’s priorities this year, Gita Jursane, Deputy Head of Luminor Bank’s Latvian branch, told LETA.
With the new European Union (EU) instant payments regulation coming into force, security solutions are being enhanced, reducing the risk of transferring funds to the wrong account. Banks are also continuing to educate customers and the public, increasingly stopping suspicious payments at an early stage and helping to recover funds obtained through fraud.
At the same time, every resident should remain vigilant and take responsibility for their own financial security, Jursane stressed. Banks will continue to invest in systems and solutions to reduce financial crime.
Regarding anti-money laundering and financial crime prevention, the latest assessment of Latvia by the Council of Europe’s MONEYVAL expert committee is expected soon. It will provide a detailed overview of the country’s standards and their compliance with international requirements, serving as an important indicator of Latvia’s international reputation and future cooperation in the financial sector.
To strengthen digital security in the financial sector, the European Union’s Digital Operational Resilience Act (DORA) has entered into force, focusing on the management of information and communication technology risks and incidents, operational resilience testing, and the responsible use of artificial intelligence. Its aim is to ensure safer, more efficient, and more transparent financial markets.
Jursane noted that regulatory requirements continue to largely shape the direction of banks’ activities, while services are being developed to become increasingly convenient, accessible, and simple for customers. For example, this year customers were given the opportunity to withdraw up to EUR 750 in cash free of charge from ATMs of other banks. Luminor Bank’s goal is to ensure that all services, including cash withdrawals, are available throughout Latvia, including in the regions.
Source: BNS
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