Why my incoming / outgoing payment is rejected due to Sanctions?

The activities of the Bank are regulated by the Credit Institution Law and the Law on International Sanctions and National Sanctions of the Republic of Latvia, as well as other legal acts are binding on the Bank, inter alia, the laws and regulations issued by the Financial and Capital Market Commission, according to which the Bank, as a credit institution, has an obligation to develop and maintain an internal control system, as well as the Bank's internal risk policy, ensuring compliance with the abovementioned laws and regulations, t.sk. their current changes. The Bank explains that, taking into account both the requirements of the Bank's internal risk policy, the Bank's internal control system, as well as external legislation binding on the Bank, the Bank has the right and obligation not to execute the payment order if the execution of the relevant payment order or receipt of the payment does not comply with the Law on International Sanctions and The National Sanctions of the Republic of Latvia and the standards and principles of the Bank's operations.