RIGA (Latvia): Many Latvians got a shock this summer when they were informed their bank accounts risked being blocked if they didn’t hand over details of their citizenship, financial plans and any ties to high-level politics.
Demands to fill out online questionnaires were dispatched by lenders at the behest of financial regulators, who’ve been battling the Baltic nation’s reputation as a shelter for illicit cash. The crackdown is changing the face of Latvian banking, which flourished as the Soviet Union crumbled and has long been a magnet for wealthy clients.
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