Why was a transfer stopped by the AML department?

Please note that in some cases, your outgoing and incoming transfers can be stopped by Genome's Anti-Money Laundering (AML) department. When it happens, the AML department needs to obtain additional information from you to determine if the transfer can be completed.

As an Electronic Money Institution, Genome is required to request this information: 

• in accordance with the legislation of the Republic of Lithuania regarding the prevention of money laundering and terrorist financing;
• to implement the "Know Your Customer" principle, requirements of international treaties and agreements of the Republic of Lithuania, and the legislation of the European Union and the Republic of Lithuania.

The AML department will ask you to provide additional documents to get the additional information. These are relevant documents to confirm that the transaction is legal and can be completed, such as the source of funds documentation, explanations about the transaction's purpose, agreements, invoices, etc. 

Please be sure that the AML department treats all the data and financial information provided by you with the utmost confidentiality and security throughout the review process. Genome has all the necessary data privacy and security tools in place to accomplish this.

The timeframe for reviewing the payment is indicated in the Law of the Republic of Lithuania on Payments article 46. We apologize if the review process exceeds your expected timeframe. 

To avoid similar situations, we recommend keeping the documents required for the review ready for future transfers. And, if you initiate a transfer and think that the AML department may request them, you can submit the documents concurrently with the transfer. In such a case, send the necessary documents to our team at support@genome.eu.