Regulatory Alerts2023-05-30
Added · Updated
Resolution amending Resolution No 03-17 on Guidelines for Prevention of Money Laundering and Terrorist Financing for Financial Market Participants
The Board of the Bank of Lithuania amends the Guidelines on the Prevention of Money Laundering and/or Terrorist Financing for Financial Market Participants by updating the scope of application to include specific entities such as crowdfunding platform operators and branches of foreign entities, and by aligning the Guidelines with European Banking Authority guidelines on customer due diligence and compliance management. The resolution introduces a new definition for the assessment of internal control system elements and repeals former paragraph 8. It mandates that financial market participants assess the competence of AML/CTF responsible employees before appointment and notify the Bank of Lithuania within 7 working days, while also requiring periodic assessments of internal controls at least once every two years with detailed documentation of results and shortcomings. Paragraphs 4 to 8 of the Resolution enter into force on 1 September 2023, and paragraph 2 enters into force on 10 November 2023.