Trust is emerging as the cornerstone in Latvia’s campaign against financial crime. At a recent panel discussion hosted by Salv in Riga, banks, regulators and FinTech firms gathered to discuss how the country can strengthen its culture of intelligence sharing.
With the EU’s upcoming Anti-Money Laundering Regulation (AMLR) and Article 75 expected to shape how financial crime data is exchanged across Europe, the timing could not be more critical, claims Salv.
Trust, participants agreed, is more enduring than regulation or technology. While frameworks and systems matter, collaboration ultimately depends on people — and people cannot work together without mutual confidence. Coop Pank sanctions and counter-terrorism financing officer Siiri Grabbi captured the sentiment clearly, saying, “The human touch is very important. It’s about seeing the person behind the computer.”
Estonia’s example featured prominently throughout the discussion. There, Salv Bridge is already used daily by bank analysts to exchange intelligence on fraud, sanctions and money-laundering cases. Grabbi highlighted how trust between individuals drives results: “I know that person in the other bank who will receive the message, and I can trust them to share the right information back.” Estonia’s collaboration now extends to its tax and customs board and internal security service, all supported by the Financial Intelligence Unit (FIU). What began as informal exchanges has become a structured and trusted process.
Speakers agreed that Latvia can draw key lessons from this experience. Regulation provides a foundation, but culture is what makes intelligence sharing effective. Edgars Pastars, advisor to Finance Latvia and partner in regulatory and compliance at COBALT, said leadership plays a vital role in encouraging openness and clarity within institutions. “Don’t just ask, ‘Is it mandatory?’ Ask, ‘Is it allowed?’ Explain the logic of the intended activity simply,” he said.
Internally, many noted that breaking down silos is just as important as building trust externally. Both Grabbi and Pastars stressed that compliance, legal, and data-protection teams must work closely from the start. Estonia’s success, they added, has been driven by consistent interpretation of laws between regulators and financial institutions.
Latvia’s own experience underscores the importance of structured collaboration. Following the start of the war in Ukraine, a working group of banks and agencies was formed to coordinate sanctions. Over time, however, it fragmented. Pastars acknowledged this loss of coordination and highlighted current efforts to rebuild joint initiatives. “Working in silos never works,” said Grabbi, emphasising Estonia’s approach of using shared frameworks, templates, and defined response times to ensure that collaboration is swift and consistent.
Ultimately, Latvia’s fight against financial crime is as much about building human connections as it is about meeting regulatory requirements. Each practical habit — from standardised processes to open communication — strengthens the trust that underpins every successful exchange of intelligence.
Copyright © 2025 RegTech Analyst
Copyright © 2018 RegTech Analyst
