Trust, not just regulation or technology, is emerging as the crucial ingredient in the fight against financial crime.
That was the central message from a recent panel discussion hosted by Salv in Riga, which brought together banks, regulators and FinTechs to explore how Latvia can strengthen its intelligence-sharing culture.
As the EU prepares to implement the new Anti-Money Laundering Regulation (AMLR) — particularly Article 75, which will shape how crime-related data is exchanged across Europe — the country’s efforts to foster collaboration are gaining momentum.
Coop Pank sanctions and counter-terrorism financing officer Siiri Grabbi summed up the sentiment: “The human touch is very important. It’s about seeing the person behind the computer.” The discussion reinforced that while regulation provides structure, the foundation of effective intelligence sharing lies in trust and collaboration between people and institutions.
Estonia’s experience offers a compelling model for Latvia. There, banks, regulators, and government bodies such as the tax and customs board and internal security service have created a structured system of cooperation. Analysts use Salv Bridge daily to exchange intelligence on sanctions, fraud, and money laundering cases — a process now embedded in daily operations. “I know that person in the other bank who will receive the message, and I can trust them to share the right information back,” Siiri said. This network of mutual confidence, built over time, has evolved from informal communication to a well-defined framework that delivers measurable results.
For Latvia, the takeaway is clear: building a culture of trust is as essential as complying with regulation. COBALT partner and Finance Latvia advisor Edgars Pastars noted that leadership plays a key role in enabling this shift. “Don’t just ask, ‘Is it mandatory?’ Ask, ‘Is it allowed?’ Explain the logic of the intended activity simply,” he said. This mindset, he added, helps lawyers and compliance teams embrace innovation rather than wait for permission.
Edgars and Siiri both highlighted that internal silos often slow progress. Estonia’s success, they said, reflects the importance of early cooperation between compliance officers, legal experts, and data-protection specialists who share a unified interpretation of the law. Within institutions, this alignment ensures faster, more confident decision-making.
Latvia’s recent history shows why structured collaboration is vital. After the war in Ukraine began, a working group of banks and agencies coordinated sanctions enforcement. Over time, this initiative fragmented, with stakeholders losing oversight of the overall situation. Now, efforts are underway to restore that cohesion. As Siiri put it, “Working in silos never works.”
To move forward, Latvia needs both frameworks and habits that reinforce daily collaboration. Standardised templates, clear guidelines, and agreed response times — already in use in Estonia — are proving powerful in transforming cooperation from an aspiration into a habit. By adopting similar tools and mindsets, Latvia can accelerate its journey toward more effective financial crime prevention.
Find more on RegTech Analyst.
Copyright © 2025 FinTech Global
