Frequently Asked Questions

• Individuals and companies from Latvia, the European Union, the European Economic Area, Switzerland, or the United Kingdom can apply and open a bank account remotely: by applying and completing the application in the Client Cabinet on the bank’s website, or by applying in person with the bank’s client relationship managers.

• Clients from other countries, or those who prefer an in-person meeting with a bank representative, are always welcome at the BluOr Bank Client Service Centre, conveniently located at 2 Jekaba Street, Riga.

For an individual:

• A questionnaire and a completed and signed application for day-to-day services;
• An identity document (passport or ID card);
• A document confirming the country of tax residence, if the client is not a resident of Latvia;

• If acting on behalf of another person, a notarized power of attorney must be presented.

Depending on the client’s profile, additional documents may be requested (such as proof of address, documents verifying the source of funds or personal/business activities, account statements, etc.).

For a company:

• A questionnaire and a completed and signed application for day-to-day services;

• Documents must be presented to confirm the authorised persons and the company’s beneficial owners (passport or ID card);
• Copies of licenses or permits (if not available in public registers).

Depending on the scope, complexity and geography of the client’s activity (for example, if the client’s activity is related to EU third countries), additional documents may be requested supporting the client’s transactions, for example, cooperation agreements with major counterparties, invoices, transport documents, account statements for 3-6 months, etc.

Legal documents for opening a Current Account for companies registered in Latvia:

• Latest version of the Articles of Association, if it is not available in the Register of Enterprises of the Republic of Latvia;
• Document confirming the powers of the authorised person (notarized power of attorney, etc.), if the person is not registered in the Enterprise Register of the Republic of Latvia as a procurator or a member of the board of a legal entity;
• Register of shareholders for joint stock companies, if its current information is not available in the Register of Enterprises of the Republic of Latvia;
• Other documents at the request of the bank (for example, in order to find out the beneficiary owner in the case of a complex enterprise structure, etc.).

Legal documents for opening a Current Account for companies that are not registered in Latvia:

• Document(s) certifying the name, legal form, establishment or legal registration of a legal entity and containing information on its registered office (extract from the state enterprise register, if the information is not available in public registers, Certificate of Good Standing, Certificate of Incumbency);
• Latest version of the Articles of Association, if it is not available in public registers.

The forms are available here and can be filled out and signed in the Client Cabinet or at the BluOr Bank Client Service Centre located at 2 Jekaba Street, Riga.

In all cases, the bank ensures the verification of the client and related parties (beneficial owners (BO), authorized persons, officials, and key counterparties) against politically exposed persons (PEP) and sanctions lists, as well as in publicly available information sources, to assess ML/TF/PF risks, sanctions risks, and reputational risks.

Depending on the scope, complexity and geography of the client’s activity, the initial consideration of documents may take more than 10 business days.

A basic account may be opened free of charge for an individual who is a resident of the European Union (EU), does not hold a residence permit in Latvia, but whose expulsion from the country is not possible under the laws and regulations of Latvia.

The person must provide proof of the absence of accounts in other credit institutions of the Republic of Latvia.

The basic account includes the following services:

• A payment account in EUR currency,

• Internet Bank access with one code calculator or one BlueKey,

• A payment card,

• Crediting of funds to the basic account,

• Transfers in EUR currency within EEA countries,

• Cash withdrawals, setup and management of standing orders.

Access to a basic account does not require the purchase of additional services.

A decision regarding the opening of a basic account at the bank may be made within 10 business days after submitting all the necessary documents.

The fee for setting up and servicing a basic account and related services is applied according to the current pricelist for domestic clients – individuals.

Applications for opening a basic account can be submitted at the BluOr Bank Client Service Centre located at 2 Jekaba Street, Riga.

The bank, in accordance with the regulations of the Republic of Latvia and the General Terms of Business, may refuse to open an account or terminate the business relationship if factors that increase the ML/TF/PF risk, sanctions risk, or reputational risk are found in the client’s planned or performed activities, for example, when the bank is unable to conduct the necessary minimum due diligence to clarify the origin of the client’s funds or identify the beneficial owners (BO), or the client’s planned or performed activity on the account raises suspicions regarding ML/TF/PF or sanctions issues, as well as in the event that cooperation may negatively impact the bank’s reputation.

In addition to the reasons mentioned above, the bank may refuse to open an account or terminate the business relationship with clients whose activities are related to the financial services sector if the client’s internal control system does not meet the bank’s requirements for managing ML/TF/PF and sanctions risks.