Rigensis Bank was founded in June 2011, aiming to ensure personalized service for owners of large private capital through providing financial services of high security and quality in order to facilitate their wealth and development of their business.
The bank has developed a risk management system compliant with the leading international standards, as well as internal control system and money laundering and terrorism financing prevention system. The bank has adopted a prudent risk management policy and a conservative strategy of forming the loan portfolio and securities portfolio.
On 13 January 2018 the new Payment Service Directive PSD2 entered into effect across the EU. According to this Directive, all financial institutions must ensure access to the data of their clients for the third parties.
On 21 August 2019, Latvian Financial and Capital Market Commission adopted new Regulations No. 135 “Regulations on Establishment of Customer Due Diligence, Enhanced Due Diligence and Risk Scoring System”, which entered into effect on 1 December 2019.
Rigensis Bank assigned a task to Confero Technologies to ensure compliance of the bank’s IT systems with the latest requirements of PSD2 and the new AML/CTPF regulations of the Financial and Capital Market Commission.
Confero Technologies developed a methodology in compliance with the regulatory enactments and requirements of the institutions governing the operation of the financial institutions, as well as implemented globally recognized technologies in accordance with the highest standard:
- In accordance with the EU Directive PSD2 there was Confero Open Banking system implemented, which ensures XS2A access interfaces for (API) ASPSP data in accordance with the PSD2.
- Implemented the latest version of Siron AML, which ensures transaction monitoring and analysis, aiming to detect suspicious transactions.
- In compliance with the regulator’s requirements, there was customer’s AML/CTPF risk scoring model developed (for onboarding and regular risk assessment), as well as there were Siron KYC and Siron AML systems implemented.
Project implementation took place from 2019 till 2021.