To prevent financial crimes, identity theft, illicit transfer, or storage of criminal proceeds, financial market participants must take appropriate measures, including compliance with sanctions.
Implementing the "Know Your Customer" principle allows us to understand our customers' business activities, expected transactions, transaction volumes, and potential sources of funds. This information enables us to effectively detect and prevent suspicious transactions, safeguard customer funds, and mitigate risks associated with financial crime, money laundering, terrorist financing, and violations of sanctions.
The primary legislation governing the prevention of money laundering and terrorist financing measures includes:
• Law of the Republic of Lithuania on the Prevention of Money Laundering and Terrorist Financing
• Law of the Republic of Lithuania on the Implementation of Economic and Other International Sanctions
• Guidelines on the prevention of money laundering and/or terrorist financing for financial market participants approved by Resolution No. 03-17 of the Board of the Bank of Lithuania
• Legal acts of the Financial Crime Investigation Service under the Ministry of the Interior of the Republic of Lithuania
• 6th European Union Directive on the Prevention of Money Laundering and Terrorist Financing
• Frequently asked questions prepared by the Bank of Lithuania on the prevention of money laundering and terrorist financing