Regulatory Alerts2023-05-30
Added · Updated
Resolution on the approval of the Guidelines for Financial Market Participants on the implementation of international sanctions
The Board of the Bank of Lithuania approves the Guidelines for Financial Market Participants on the implementation of international sanctions, which establish basic principles and requirements for internal policies and control procedures. The resolution repeals previous guidelines issued by the Insurance Supervision Commission and the Securities Commission. The Guidelines apply to Financial Market Participants supervised by the Bank of Lithuania, requiring them to establish internal control systems that include continuous risk identification, designated responsible persons, and adequate information technology systems. These measures must ensure the screening of customers, counterparties, and transactions against international sanctions lists and the prevention of circumvention or evasion of such sanctions.
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