BDO Law provides support to an international company in AML compliance issues
08 June 2021
BDO Law provided legal assistance to its client in recovering approximately EUR 2 million from a local credit institution. Funds were withheld at the credit institution for a significant period, and the client had difficulty complying with the credit institution's requests for KYC documents and information.
The legal services provided by BDO Law included the preparation of an extensive collection of client information and documents, which fully satisfied the credit institution's requests and confirmed the legality of the origin of the client's funds.
“BDO Law frequently hears comments from clients lately that Latvia’s financial sector has gone through dramatic changes and new, rigid AML/CFT regulations are leading to dark times in our financial system. At the same time, not always local credit institutions take the de-risking approach towards their customers. We’re truly happy our assistance with the KYC issues resulted in the successful recovery of client’s funds from the bank,” says Janis Ciguzis, BDO Law, Senior Associate.
In the transaction, the client was represented by BDO Law managing partner Vita Liberte and senior lawyer Janis Ciguzis.