There are 22 banks in Latvia, however if you are anticipated to open the bank account by mail, you could consider just 5-6 of them. Your consideration depends on your needs and your balance. If you have above million USD on your balance — go with big banks. If you have some thousand turnover — you can choose: do you need big bank where you will be treated as everybody, or you need very special service, but can do without your favorite brand on your credit card or some other small extra. All Latvian banks working with non-resident customers have credit cards, ATM cards, Online (Internet) banking and other remote account management tools.
There is very high standards of banking secrecy adopted in Latvia.
The Law "On Credit Institutions" passed in Latvia on October 5, 1995 states the following regarding the confidentiality:
(1) Information on accounts and transactions of natural persons shall be disclosed to the natural persons themselves and their duly authorized representatives;
(1) Criminal proceedings in due course of law shall be instigated against any person who has deliberately or inadvertently disclosed, to the public or to unauthorized persons, information on the accounts of and financial services rendered to customers which has been entrusted or has become known to such a person as a result of his/her holding shares or stocks of a credit institution, being a chairperson or member of the board, executive board, or audit commission or in the capacity of their proxy, an employee of a credit institution, the Bank of Latvia or some other state institution, or a representative of external auditors.
Of course there is some difference between Latvian and Swiss banking secrecy. However as regards to information disclosure — in both countries at least one person in the bank should know the identity of the customer and in the case of properly authorized inquiry, related to criminal activities of some customer, such information could be disclosed to the law enforcement authorities. Both countries have European standard due diligence requirements and anti money laundering laws. Both countries are allowed to open the Numbered accounts where the number replaces your name on all documents in connection with your account.
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