On September 23, 2016, the Latvian Financial and Capital Market Commission (FCMC) issued Regulation 154/2016 (Money Laundering and Terrorism Financing Risk Management Regulations), which came into effect on September 28, 2016. This is secondary legislation to the Law on Credit Institutions (Article 34.2, paragraph 4) and the Money Laundering and Terrorism Financing Prevention Act (Articles 37.1 and 47.2, clauses 1, 2 and 7).