Sigma Ratings Assigns Baltic International Bank Financial Crime Compliance Rating Bbb+

RIGA, March 11 (LETA) - The New York-based agency Sigma Ratings has assigned Latvia's Baltic International Bank financial crime compliance (FCC) rating BBB+, with the future outlook on the bank positive, LETA was told at the bank.

Baltic International Bank's representatives indicated that Sigma Ratings reviewed Baltic International Bank's inherent risk environment and control effectiveness around FCC. The review included FCC factors specific of anti-money laundering, prevention of terrorist financing, sanctions, and aspects of other non-credit risk issues such as geo-political risk and national-level regulatory proficiency.

According to the bank's information, the Sigma Ratings report noted increased investment in compliance, both in headcount and technology, as well as sophisticated transaction monitoring system (TMS) with a comprehensive list of detection scenario rules as the bank's strengths. Baltic International Bank has advanced controls in place in order to mitigate against financial crime.

"Baltic International Bank deserves credit for embracing transparency and investing in its financial crime control environment. The rating speaks to a relatively strong control environment and...