Salv, a leader in the Regulatory Technology (RegTech) space, has set a new standard in financial security by becoming the first company in Europe to be granted a ‘Closed Service KYC Utility’ license by Latvia’s State Data Inspectorate.
This license allows financial institutions to collaborate more effectively by sharing crucial intelligence on financial crime activities. When one institution detects or suspects criminal activity, it can now alert others, enabling a more united front against financial crime. This collaboration aims to significantly reduce financial losses and protect the reputation of firms and their stakeholders.
To obtain this license, Salv had to demonstrate exceptional levels of security, data protection, compliance, and corporate due diligence. This included achieving ISO/IEC 27001 certification, underscoring Salv’s commitment to maintaining the highest standards in its operations.
The financial sector has increasingly recognized the value of collaboration in combating financial crime. Laima Letiņa, Advisor to the Finance Latvia Association, remarked on the initiative, stating:
Collaboration between financial institutions is beneficial for all, but it requires confidence in the security of the process and compliance with a range of regulatory requirements before it can be put into practice.
Bruno Puriņš, Salv’s Market lead in Latvia, expressed pride in the achievement, noting:
In securing this licence and exceeding the challenging security and regulatory requirements set by the Latvian Data State Inspectorate, Salv has proven that our solutions are fit for purpose and our organisation is trustworthy and robust.
