On October 16, 2026, amendments to the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing came into force. They set out the criteria under which funds remaining at a bank after a business relationship has been terminated become the property of the State.
Who does this apply to?
These changes do not affect clients whose bank accounts are active and in use.
This information applies only to a small number of former clients. Their funds will become the property of the State if all of the following criteria are met at the same time:
- the person is a legal entity, regardless of the country where it was established, or a natural person who is not a resident of Latvia;
- the bank has terminated the business relationship in accordance with the requirements of the Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing;
- after the business relationship has been terminated, funds belonging to the person have remained at the bank and have not been claimed;
- more than five years have passed since the business relationship has been terminated, and the person has not withdrawn the funds from the bank.
If even one of these conditions is not met, the new procedure does not apply to the former client.
What should be taken into account?
If the person meets the above-mentioned criteria and does not transfer the funds in accordance with the procedure prescribed by law by 16 April 2027, the funds will be transferred to the State budget. The person will lose the right to claim them from the bank.
This procedure does not apply to funds that are frozen, seized or subject to recovery.
How can former clients receive the funds?
If a former client believes they are entitled to these funds:
- we encourage them to contact the bank without delay to arrange a transfer of the funds to an account at another bank within the deadline set by law. Once the former client has contacted the bank, the bank will explain which documents are required and how the funds can be received;
- alternatively, they may visit the bank in person, bringing an identity document and, in the case of a foreign company, documents confirming their authority to represent the company.