FAQ

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The activities of virtual currency exchange operators and/or depositary virtual currency wallet operators in relation to the prevention of money laundering and/or terrorist financing shall be supervised by the Office.

The Office also approves instructions to virtual currency exchange operators and/or depository virtual currency operators aimed at preventing money laundering and/or terrorist financing, and the officials of the Service's Money Laundering Prevention Board provide methodological assistance to obliged entities on the implementation of the measures for the prevention of money laundering and/or terrorist financing laid down in the Law on the Prevention of Money Laundering and Terrorist Financing.

If you have any questions regarding the implementation of the measures to prevent money laundering and/or terrorist financing, you can contact the Office by e-mail at [email protected].

The generalised requirements for operators of virtual currency exchanges and/or depository virtual wallets can be found on the website of the Service.

Article 25(4) of the Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing stipulates that a legal person that has commenced or ceased to carry out the activities of a virtual currency exchange operator and/or a depository virtual currency wallet operator shall, not later than within 5 working days from the commencement or cessation of the activities, inform the Registrar of Legal Persons of the commencement or cessation of the activities of a virtual currency exchange operator or a depository virtual currency wallet operator service provider.

Thus, in this case, the commencement/termination of the activity does not need to be notified to the Service.

Article 25(5) of the Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing (hereinafter - the Law) stipulates that a legal person that has commenced the activity of a virtual currency exchange operator and/or a depository virtual currency wallet operator must have a senior manager who is a permanent resident of Lithuania, as defined under the Law on Income Tax of the Republic of Lithuania on personal income.

A senior manager is an official or employee of a sufficiently senior position who has sufficient knowledge of the risks of money laundering and/or terrorist financing posed to the institution or undertaking and is responsible for taking decisions that may affect the risks posed (Article 2(23) of the Law).

Pursuant to Article 25(7) of the Law, the managerial staff of a VCC operator and/or a depository virtual currency wallet operator appointed pursuant to Article 22(1) may not represent more than one VCC operator and/or depository virtual currency wallet operator at the same time, unless those operators belong to the same group of undertakings.

Order of the Director of the Authority of 10 January 2020 No. Paragraph 34 of the Instructions for Depository Virtual Currency Wallet Operators and Virtual Currency Exchange Operators to Prevent Money Laundering and/or Terrorist Financing (hereinafter the "Instructions"), approved by the Office of the Superintendent of the European Central Bank (the "Office") on 31 January 2020 (the "Instructions"), stipulates that a Depository Virtual Currency Wallet Operator and a Virtual Currency Exchange Operator shall appoint a senior manager to organise the implementation of the measures for the prevention of money laundering and the prevention of terrorist financing, and to maintain communication with the Office.

Where the depositary virtual currency wallet operator and the virtual currency exchange operator are managed by a board of directors, the depositary virtual currency wallet operator and the virtual currency exchange operator must appoint a member of the board of directors to organise the implementation of the measures for the prevention of money laundering and/or terrorist financing laid down in the Act and senior staff to liaise with the Service.

The operator of a depository virtual currency wallet and the operator of a virtual currency exchange must notify the Service of the appointment/change of these employees in writing (by email to [email protected]), providing the details and contact information (email address, telephone number) of the appointed/changed employees.

The Republic of Lithuania Law on Prevention of Money Laundering and Terrorist Financing ("the Law") does not prohibit entities operating as virtual currency exchange operators and/or depository virtual currency wallet operators from carrying out other types of economic commercial activities, but such activities must be unrestricted by the laws of the Republic of Lithuania and must comply with the requirements thereof.

However, we recall that Article 25(8) of the Law provides for a mandatory requirement that a virtual currency exchange operator and/or a depository virtual currency wallet operator must not carry out activities or provide services in another state to such an extent that only functions or services which are not essential by the nature of their activity remain in the Republic of Lithuania and are performed or provided exclusively to customers of another state or, as a matter of fact, they cease to carry out activities in the Republic of Lithuania.

This requirement of the Law was aimed at ensuring that providers of cryptocurrency-related services provide their services in such a way that they do not end up providing functions or services in the Republic of Lithuania that are not essential to the nature of their business or that they cease to carry out their business activities in the Republic of Lithuania in general. The aim was to avoid the perverse practice where Lithuania might be considered as a country of offshore establishment only, while cryptocurrency-related service providers would be operating in other countries, thus avoiding stricter establishment regulation and regulatory arbitrage, but leaving the reputational risk of money laundering and terrorist financing to Lithuania. The aim of this provision was to ensure that the established company would have a real connection to Lithuania and would be accountable to Lithuanian supervisory and control authorities. It should be noted that this provision does not prohibit the exercise of activities and the provision of services both in the European Union and in other foreign states.

The activities of virtual currency exchange operators and depositary virtual currency wallet operators are not licensed in the Republic of Lithuania.

However, they are obliged to comply with the requirements set out in the Republic of Lithuania Law on Prevention of Money Laundering and Terrorist Financing. The codified requirements can be found on the website of the Service.

The lists of legal entities established in the Republic of Lithuania and branches of a legal entity of a Member State of the European Union or of a foreign state carrying out the activities of a virtual currency exchange operator and/or a depository virtual currency wallet operator shall be published on the website of the Registrar of Legal Entities (list of legal entities carrying out the activities of a virtual currency exchange operator; list of legal entities carrying out the activities of a depository virtual currency wallet operator).

Information to the Service on virtual currency exchange operations or transactions in virtual currency, if the value of such monetary operation or transaction is equal to or exceeds EUR 15 000, must be submitted by logging into the Office's information system and filling in the relevant notification form or by submitting the information in "xml" format (as a file).

The Service does not have a model form for the submission of information on suspicious transactions, but you can use the form available in the Office's system, as the information is filled in the tables that are already set up.

Once you have accessed the Service's information system, you will find a user manual detailing the process of submitting information to the Service. The description of the submission of information must be followed.

Practical questions concerning the submission of information or notifications to the Service, as well as problems with the Service's information system, can be addressed to the following e-mail address [email protected].

Pursuant to Article 25(7) of the Republic of Lithuania Law on Prevention of Money Laundering and Terrorist Financing (hereinafter referred to as "the Law"), the managerial staff of a virtual currency exchange operator and/or a depositary virtual currency wallet operator appointed pursuant to Article 22(1) may not represent more than one virtual currency exchange operator and/or depositary virtual currency wallet operator at the same time, except in cases where those operators belong to the same group of companies.

Article 22(3) of the Law specifies that the concept of a group of undertakings is defined in Article 2(12) of the Law on Supplementary Supervision of Undertakings Belonging to a Financial Conglomerate of the Republic of Lithuania ("the Supervision Law"). Accordingly, a group of undertakings (hereinafter referred to as "group") shall mean a group, including all its subgroups, consisting of a parent undertaking, its subsidiaries and undertakings of which the parent undertaking or its subsidiaries are members, as well as undertakings which, although not linked by the relationships set out in paragraphs 21 and 22 of this Article, are not linked to another undertaking (other undertakings), but which are jointly controlled by virtue of a contract(s) or provision(s) in the instrument(s) of incorporation with such undertaking(s), or a majority of the members of the administrative, management or supervisory bodies of both they and the other undertaking(s) have been the same persons during the financial year preceding the date of the consolidated financial statements.

Article 2(21) of the Supervision Act states that a subsidiary is an undertaking which meets at least one of the following criteria:

(1) an undertaking in which another undertaking holds a majority of the votes of the shareholders or other participants;

(2) an undertaking in which the other undertaking, as a shareholder or participant in the first undertaking, has the right to appoint or remove a majority of the members of the administrative, management or supervisory body of that first undertaking;

(3) an undertaking over which, by virtue of the provisions of its instrument of incorporation or of agreements concluded with another undertaking, that other undertaking is in a position to exercise a determining influence;

(4) an undertaking in which the other undertaking, by virtue of agreements concluded with its shareholders or members, controls a majority of the votes of the shareholders or members of the first undertaking;

(5) an undertaking over which, in the opinion of the supervisory authority, the other undertaking effectively exercises a determining influence;

(6) an undertaking which is a subsidiary of a parent undertaking in accordance with the criteria set out in points (1) to (5) of this paragraph.

Article 2(22) of the Supervision Act states that a parent undertaking is an undertaking which meets at least one of the following criteria:

(1) the undertaking holds a majority of the votes of shareholders or other participants in another undertaking;

(2) the undertaking, as a shareholder or participant in another undertaking, has the right to appoint and remove a majority of the members of the administrative, management or supervisory body of that undertaking;

(3) the possibility for an undertaking to exercise decisive influence over another undertaking by virtue of contracts concluded with that undertaking or of provisions in the constituent instrument of that undertaking;

(4) an undertaking which, by virtue of contracts concluded with the shareholders or members of another undertaking, controls a majority of the votes of the shareholders or members of that undertaking;

(5) an undertaking which, in the opinion of the supervisory authority, has a decisive influence on another undertaking.

Thus, in answer to your question, we note that, if the undertakings you refer to fall within the definition of a group of undertakings, the managers may simultaneously represent more than one virtual currency exchange operator and/or depositary virtual currency wallet operator.

Pursuant to the Law of the Republic of Lithuania on Money Laundering and Terrorist Financing, financial institutions are understood as credit institutions and financial companies defined in the Law of the Republic of Lithuania on Financial Institutions, payment institutions defined in the Law of the Republic of Lithuania on Payment Institutions, electronic money institutions defined in the Law on Electronic Money and Electronic Money Institutions of the Republic of Lithuania, Currency exchange operators are defined in the Law on Currency Exchange Operators of the Republic of Lithuania, operators of crowdfunding platforms are defined in the Law on Crowdfunding of the Republic of Lithuania or 2020. October 7 Regulation (EU) 2020/1503 of the European Parliament and of the Council on European crowdfunding service providers for businesses, which amends Regulation (EU) 2017/1129 and Directive (EU) 2019/1937, defines crowdfunding service providers established in the Republic of Lithuania, Lithuania Operators of peer-to-peer lending platforms defined in the Law on Consumer Credit of the Republic and the Law on Credit Related to Real Estate of the Republic of Lithuania, insurance companies engaged in life insurance activities and insurance brokerage companies engaged in insurance mediation activities related to life insurance as defined in the Insurance Law of the Republic of Lithuania, as well as investment variable capital companies and collective investment entities intended for informed investors and management companies managing only these entities; branches of these foreign financial institutions, established in the Republic of Lithuania, as well as electronic money institutions and payment institutions, whose headquarters are in another European Union member state, providing services in the Republic of Lithuania through intermediaries, natural or legal persons (the Law of the Republic of Lithuania on the Prevention of Money Laundering and Terrorist Financing ( hereinafter - the Law) Article 2, Paragraph 7).

The concept of other obligated entities is presented in Article 2, Part 10 of the Law. Point 10 of Part 10 of this article states that operators of virtual currency exchanges are assigned to other obliged entities, and point 11 – operators of depository virtual currency wallets.

So, we will ask you about the aforementioned Director of the Service in 2023. August 2 by order no. V-115 "Regarding the approval of instructions aimed at preventing money laundering and/or terrorist financing for Financial Institutions not specified in Article 4, Part 1 of the Law on the Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania" In Article 4, Part 1 of the Law on the Prevention of Money Laundering and Terrorist Financing, the instructions aimed at preventing money laundering and/or terrorist financing are intended for companies of the Republic of Lithuania, representative offices (branches) of foreign companies, registered and operating in the Republic of Lithuania, whose main activity is the provision of financial services and which are not specified in paragraph 1 of Article 4 of the Law.

Summarizing what was stated above, we state that operators of virtual currency exchanges and operators of depository virtual currency wallets are other obligated entities in the sense of the Law, and therefore must follow the provisions of the Law and implement them.

You can contact FCIS:

General email: dokumentas[@]fntt.lt 

General phone number (8 5) 271 7594

Trust phone number (8 5) 271 6694

 

FCIS discloses and investigates criminal activities, detrimental to the State budget, as well as irregularities related to the receiving and use of financial support funds from EU and other countries. Criminal activities resulting in financial damage for a person are investigated by other law enforcement institutions.

Information about international financial sanctions applied in Lithuania is provided here.

The payment can be made only after receiving the permission of the competent authority, therefore the request must be submitted to the Service before initiating the payment order. The request can be submitted by both the sender of funds and the recipient of funds. After examining the application, the person who submitted the application, the bank of the sender of funds and the bank of the recipient of funds, if the authorization is related to taxes, the institution administering the tax, and other interested parties will be informed about the decision made.

Requests and inquiries related to international financial sanctions are submitted to the Service by general E-mail [email protected] 

Pursuant to Article 10(4) of the Law on Public Administration of the Republic of Lithuania, a public administration entity shall take an administrative decision on a request or complaint of a person within 20 working days from the date of receipt of such request or complaint. If the request or complaint is received after working hours, on a day of rest or on a public holiday, the day of receipt shall be deemed to be the following working day. Where, for objective reasons, an administrative decision cannot be taken within this time limit, the public administration body may extend this time limit for a maximum of 10 working days.

Please note that Article 6 of the Law on International Sanctions of the Republic of Lithuania (hereinafter referred to as the Law) provides that international sanctions established by the resolutions of the United Nations Security Council and the legal acts of the European Union shall be implemented in the Republic of Lithuania in full and directly. The Service, within its competence for ensuring the implementation of international sanctions, decides on granting exemptions or permits to waive the restrictions and obligations specified in the legislation establishing international sanctions and carries out all the procedures necessary for that purpose. 

The Service also responds to enquiries from natural and legal persons concerning the implementation in the Republic of Lithuania of the international sanctions falling within the scope of its activities (funds and economic resources), but the Service is not empowered to interpret legislation and therefore does not issue interpretations, conclusions or other documents of any kind which would take a position on the sanctions imposed on individuals. All natural and legal persons implement international sanctions independently and are responsible for their proper application, and the European Union legislation imposing restrictive measures is directly applicable. The implementation of sanctions imposed by the European Union should also take into account guidelines, best practices and other interpretations issued by the European Union.

Entities implementing international standards and recommendations may also choose to implement sanctions imposed by third countries that are not mandatory in the Republic of Lithuania (e.g., the United States of America, the United Kingdom, Canada, etc.).

A list of legal persons or other organisations without legal personality, which are owned or controlled by a sanctioned entity, is available on the website of the Service and is approved by the Service.

For up-to-date information on restrictive measures legislation adopted by the European Union, and to find out about the persons, entities and activities subject to European Union restrictive measures, please visit the EUR-lex portal.

The restrictive measures applicable to the Russian Federation and its entities are laid down in Council Regulation (EU) No 269/2014 of 17 March 2014 "concerning restrictive measures in view of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine" and Regulation (EU) No 833/2014 of 31 July 2014 "concerning restrictive measures in view of actions by Russia to destabilise the situation in Ukraine". The restrictive measures applicable to the Republic of Belarus are set out in Regulation (EC) No 765/2006 of 18 May 2006 concerning restrictive measures in view of the situation in Belarus and in view of the involvement of Belarus in the Russian aggression against Ukraine. Please note that the current version of the Regulations must be used for the purposes of the verification.

The above Regulations and their Annexes lay down the prerequisites for the application of restrictive measures (sanctions), the objects of their application and the exceptions to their application.

Please also note that in accordance with the provisions of the Law on International Sanctions of the Republic of Lithuania, all natural and legal persons are obliged to comply with and implement international sanctions implemented in the Republic of Lithuania. In the light of the above-mentioned legal regulation, it should be noted that in each case, natural and legal persons individually, after assessing all the known and relevant circumstances and taking into account the legal norms in force at the time, make decisions on the compliance of their planned activities with the requirements of the sanctions.

More information on the restrictive measures of the European Union applicable in the Republic of Lithuania, the lists of natural and legal persons subject to sanctions, can be found on the website of the Service.

Under the current legal framework, any movement, transfer, alteration, use, access to or management of the funds of a sanctioned person (change in their amount, amount, location, ownership, possession, characteristics, destination, any other change that makes the use of the funds possible), as well as any use of the economic resources of a sanctioned person (for the acquisition of funds or goods, for the receipt of services, for the sale, lease, mortgage, pledge, other use) is prohibited.

Any use of the funds or economic resources of a sanctioned person (e.g. initiation of a payment, conclusion of a contract) without prior authorisation of the competent authority shall be prohibited in accordance with the provisions of the European Union Regulations. Any natural and/or legal person who violates international sanctions shall be held liable in accordance with the procedure established by the Law on International Sanctions of the Republic of Lithuania and other laws of the Republic of Lithuania.

Paragraph 33 of the Description of the Procedure for the Implementation of International Sanctions, approved by the Resolution of the Government of the Republic of Lithuania No 535 of 25 May 2022 "On the Implementation of the Law on International Sanctions of the Republic of Lithuania" (hereinafter referred to as the "Description"), provides that, if the legislation establishing international sanctions provides for exemptions from its implementation and/or provides that permissions may be granted to waive the limitations and obligations imposed by international sanctions, the competent authorities shall take decisions on the application of exemptions or granting permissions to waive the restrictions and obligations imposed by international sanctions. Paragraph 34 of the Regulation regulates the entities that may apply to the competent authority for an exemption or a waiver from the restrictions and obligations imposed by international sanctions; entities subject to international sanctions; and other interested persons.

The request must be reasoned and accompanied by documents supporting the factual and legal circumstances set out in the request, which shall be considered an integral part of the request (point 34 of the Regulation). Each application shall be examined individually, taking into account all the legal and factual circumstances. A decision taken following the examination of one application for exemptions or for the granting of exemptions from restrictions and obligations shall have no effect on the examination of other applications (point 39 of the Regulation).

The Service observes that the requests usually do not clearly state the factual circumstances (when, with whom the agreement was concluded, on what basis the payment transfer is to be initiated/credited, the amount of the transfer, etc.), do not include the account number of the sender and the payee of the funds and the name of the bank, and do not include the documents substantiating the factual circumstances (contracts, copies of payment orders, details of the services rendered, documents of delivery, etc.).

Article 1(1) of the Law on Insolvency of Legal Persons of the Republic of Lithuania (hereinafter referred to as the "Insolvency Law") provides that the purpose of this Law is to create conditions for an efficient insolvency process of legal persons, ensuring a balance between the interests of the creditors and the interests of the legal persons. Article 2(4) of the same Law defines that the insolvency proceedings of a legal person are the totality of the procedures laid down in this Law aimed at the liquidation of a legal person, whether by judicial or extrajudicial proceedings, by satisfying the claims of creditors with the assets of the legal person.

The Service also notes that pursuant to Article 59 and Article 66 of the Law on Insolvency, the insolvency administrator exercises the rights and duties of the management body of a legal person and has the duty to independently decide on the protection of the rights and legitimate interests of the creditors of the legal person, as well as the rights and legitimate interests of the legal person, the management, use and disposal of the assets of the legal person, and the satisfaction of the interests of creditors.

Please note that the Service is a law enforcement agency, the purpose of which is to carry out the detection and investigation of crimes, other offences against the financial system and related crimes and other offences (Article 2 of the Law of the Republic of Lithuania on the Financial Crime Investigation Service). The Service is not responsible for the implementation of the bankruptcy process of a legal entity.

No, Council Regulations No. 269/2014, No. 833/2014 and No. 765/2006 do not provide for the possibility to authorise an advance payment.

Please note that each application is considered on its own merits, taking into account all the legal and factual circumstances. A decision taken following the examination of one application for exemptions or waivers from restrictions and obligations has no effect on the examination of other applications.

The main restrictive measures against the Russian Federation are set out in Council Regulations:

1. Council Regulation (EU) No 269/2014 of 17 March 2014 concerning restrictive measures in view of actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine (individual sanctions);

2. Council Regulation (EU) No 833/2014 of 31.07.2014 concerning restrictive measures in view of actions by Russia to destabilise the situation in Ukraine (sectoral sanctions).

Please note that the current versions of the Regulations must be followed.

You can check which restrictive measures are currently in place for a specific country on the interactive EU sanctions map.

The main restrictive measures against the Republic of Belarus are defined in the Restrictive Measures Directive of 18 May 2006. Council Regulation (EC) No 765/2006 of 18 May 2006 concerning restrictive measures in view of the situation in Belarus and in view of the involvement of Belarus in the Russian aggression against Ukraine.

Please note that the current versions of the Regulations must be followed.

You can check which restrictive measures are currently in place for a particular country on the interactive European Union sanctions map.

In accordance with the legal acts regulating the activities of the Service, the Service is not authorized to officially interpret legal acts, therefore the Service, in response to requests from natural or legal persons, can only provide the opinion of the Service, which cannot be understood as an official interpretation of legal acts.

Systematized legal acts are available on the website of the Service.

Pursuant to Article 4, Part 9 of the Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing (hereinafter referred to as the Law), the Service approves instructions to other entities not specified in Parts 1-8 of this article aimed at preventing money laundering and/or terrorist financing, supervises activities of financial institutions and other obliged entities related to the prevention of money laundering and/or terrorist financing, provides them with methodological assistance.

We note that obliged entities must establish appropriate internal policies and internal control procedures related to, among other things, the beginning/end of business relationships, identification and verification of clients and beneficiaries (Article 2, Part 14 of the Law), risk assessment, risk management, organizing the monitoring of business relations and/or operations, establishing criteria for the suspiciousness of operations or transactions, submitting reports and information to the Service, etc.

Please note that the Service does not issue payment institution licenses, nor does it assess the business plans and operating models of natural/legal entities, and does not provide advice on the latter's compliance with the provisions of the Law or other legal acts. Obliged entities can independently choose an activity model, and the risk of the activity model must be determined after systematically assessing the risks of the client, products, services and/or operations, country and/or geographical region, other factors, and taking into account the provisions of the Law and other legal acts.

Thus, in each case, financial institutions and obliged entities individually, after evaluating all known and important circumstances, following the established internal policy and internal control procedures and taking into account the legal norms in force at the time, make decisions regarding the compliance of the activities carried out with the requirements for the prevention of money laundering and terrorist financing.

We note that the Director of the Service on 5 December 2014 by Order No. V-240 approved the list of criteria for identification of possible money laundering and suspicious monetary operations or transactions is not exhaustive.

Financial institutions and other obliged entities, having established appropriate internal policies and internal control procedures related to the submission of reports and information to the Serviice, must also establish other possible criteria for identifying money laundering and suspicious monetary transactions or transactions, which are not specified in the Order, but which are taken into account may submit reports to the Service.

No, information about legal entities registered in the Republic of Lithuania can be found in the Register of Legal Entities.

Article 2, part 1, point 3 of the Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing states that business relations are business, professional or commercial relations between a client and financial institutions or other obligated entities, related to their professional activities, which were intended to continue at the time of establishing relations for a certain period of time.

The beginning of a business relationship must be assessed individually in each case. Usually, this is considered the beginning of cooperation between the client and the financial institution, other obliged entities, i.e. signing a contract or other type of agreement, opening a payment account, initiating a payment order, currency exchange, etc. Business relationships are characterized by continuity.

According to the current regulation, the obliged entities send reports on suspicious monetary operations or transactions to the financial intelligence unit of the member state in whose territory they are established.

The Service is the main state institution that coordinates the implementation of money laundering prevention measures. However, the Service is not responsible for the implementation of money laundering and/or terrorist financing prevention measures outside the Republic of Lithuania, as well as for the supervision of entities registered outside the Republic of Lithuania, which must implement money laundering and terrorist financing prevention measures.

Part 2 of Article 16 of the Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing (hereinafter referred to as the Law) answers the question of what suspension is - financial institutions and other obliged entities, having determined that their client is conducting a suspicious monetary transaction or transaction, regardless of the monetary transaction or transaction amount, must suspend that transaction or transaction (except in cases where it is objectively impossible to do so due to the nature of the monetary transaction or transaction, the method of their execution or other circumstances) and no later than within 3 working hours from the suspension of the monetary transaction or transaction regarding this transaction or transaction to report to the Office, and lawyers or attorney assistants - to the Lithuanian Bar Association (if the monetary transaction or transaction was not stopped due to the nature of the monetary transaction or transaction, the manner of their execution or other circumstances, within 3 working hours from the detection of the suspicious monetary transaction or transaction).

The suspension period is 10 working days, starting from the day after the notification.

Inquiries related to the prevention of money laundering can be submitted to the general e-mail of the Service [email protected] or e-mail [email protected].

Financial institutions and other obliged entities, when implementing money laundering and/or terrorist financing prevention measures, must follow the Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing, list of criteria approved for identification of possible money laundering and suspicious monetary operations or transactions by Order No. V-240 of the Director of the Service, by Order No. V-273 "On the approval of supervision instructions of the Financial Crimes Investigation Service under the Ministry of Internal Affairs of the Republic of Lithuania in the field of regulation of the appropriate implementation of international financial sanctions", approved on 20 October 2016 of the Director of the Service, Order No. V-314 dated 30 November 2016 "On the approval of the Technical requirements for the client identification process, when identification is determined remotely using electronic means that allow live video transmission", of the Director of the Service. Order No. V-131 of 12 September 2017 "On the approval of the description of the procedure for the approval and submission of a copy of the personal identity document", Order no. 1V-701 of 16 October 2017 of the Minister of Internal Affairs of the Republic of Lithuania.

October 16 by "Regarding the approval of the description of the procedure for suspending suspicious monetary transactions or transactions and submitting information about suspicious monetary transactions or transactions to the Financial Crime Investigation Service under the Ministry of Internal Affairs of the Republic of Lithuania", Oder no. V-5 dated 10 January 2020 of the Director of the Service "On the approval of instructions for operators of deposit virtual currency wallets and operators of virtual currency exchanges aimed at preventing money laundering and/or terrorist financing" and other legal acts regulating the prevention of money laundering and terrorist financing, instructions of the Bank of Lithuania, other instructions of supervisory authorities, as well as approved internal policy and internal control procedures for identifying, assessing and properly managing risks related to money laundering and terrorist financing. The legal acts are available on the website of the Service.

Pursuant to Article 29, Part 1 of the Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing, it is established that financial institutions and other obligated entities must establish appropriate internal policies and internal control procedures related to:

1) identification and verification of clients and beneficiaries;

2) risk assessment, risk management, taking into account the types of risks determined in part 2 of this article;

3) organizing the monitoring of business relations and/or operations;

4) implementation of international financial sanctions, restrictive measures;

5) submitting reports and information to the Financial Crimes Investigation Service;

6) maintaining registration logs;

7) storage of the information specified in this law;

8) updating the identification information of the client and beneficiary;

9) organization of training for employees in order to familiarize them properly with the requirements for the prevention of money laundering and/or terrorist financing;

10) distribution of functions in the financial institution in the implementation of money laundering and/or terrorist financing prevention measures, as well as management and communication of information on the fulfillment of requirements.

Internal control procedures must be prepared taking into account the results of the European Commission's risk assessment, the results of the national money laundering and terrorist financing risk assessment, the instructions of the Director of the Service and the Bank of Lithuania, the documents and guidelines of the European supervisory authorities regarding the risk factors that must be taken into account and the measures, which must be taken in cases where simplified customer identification measures are allowed, the risk level of the financial institution or other obligated entity, services provided, customer portfolio, other documents.

Reports on suspicious monetary transactions or transactions and information on monetary transactions or transactions exceeding the amount of EUR 15 thousand in cash, if the value of such monetary transaction or transaction is equal to or exceeds EUR 15,000 or virtual currency exchange transactions or virtual currency transactions, if such monetary transactions whether the value of the transaction is equal to or exceeds 15,000 euros, financial institutions and other obliged entities must provide, implementing the provisions of Articles 16 and 20 of the Republic of Lithuania Law on Prevention of Money Laundering and Terrorist Financing.

The provision of data takes place through the Service's external information system (data provision portal) - Provision of data on monetary transactions and transactions/suspicious monetary transactions and transactions. You can connect to the System (portal) through the website of the Service, after activating the link or through the electronic portal of the government, by ordering the service Provision of data on monetary transactions and transactions-/suspicious monetary transactions and transactions.

In order to obtain permission to connect to the Service's information system, it is necessary to send a notification to the Service by e-mail ([email protected]) about the appointed person who will cooperate with the Service, and to provide the appointed person's data (name, surname, social security code, telephone number, e-mail ) and information about the represented company (name, company code, company activity).

A citizen of the Republic of Lithuania or a foreign citizen with an e- resident card or residence permit in Lithuania, only after access is granted and confirmation is received (access is notified by e-mail through which the information/request was sent).

Each designated responsible person providing data through the external information system of the Service can only see the information provided by him. Only a person with administrator rights can see the information of all representatives who previously provided data through the system. In order to grant these rights, it is necessary to apply to the Service with a request to grant such rights.

 

In the event of a change in the responsible person cooperating with the Service, a new notification must be submitted, naming the changed person and requesting the cancellation of access to the person who no longer works. Usually, such information is provided by company managers, but you can personally inform about a change of workplace by e-mail ([email protected]), submitting a request to cancel access to the former company's account.

On 2017 October 16 The Minister of Internal Affairs of the Republic of Lithuania by order No. 1V-701 approved the description of the procedure for suspending suspicious monetary transactions or transactions and submitting information about suspicious monetary transactions or transactions to the Financial Crimes Investigation Service under the Ministry of Internal Affairs of the Republic of Lithuania.

If you have any questions about the procedure for providing information, please contact the Money Laundering Prevention Board of the Service in Vilnius by phone 271 7457 or 271 6686.