Website of the Center of Excellence in Anti-Money Laundering

The Centre of Excellence in Anti-Money Laundering (AML Centre of Excellence) combines the efforts of public and private sectors in strengthening the framework on anti-money laundering and counter terrorist financing (AML/CTF). 

The Centre is founded by the Ministry of Finance of the Republic of Lithuania, the Bank of Lithuania, commercial banks (AB SEB bankas, Swedbank, AB, AB Šiaulių bankas, Luminor Bank AS Lithuanian branch, UAB Medicinos bankas, Revolut Bank, UAB, AS Citadele banka Lithuanian branch and OP Corporate Bank plc Lithuanian branch). The Financial Crime Investigation Service, the Police Department, the State Tax Inspectorate and the Prosecutor General’s Office are also expected to take joint action with the Centre, while in the near future, other financial market participants, such as electronic money and payment institutions, will be invited to join its activities as well.

The idea to create the centre was brought by a combination of factors, including the widespread use of modern technologies that are changing the face of the financial sector, recommendations of international organisations (International Monetary Fund, European Commission, Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism (MONEYVAL)) and the goal to implement the best and most effective AML practices in Lithuania. 

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Goals of the AML Centre of Excellence 

• Share information on the ML/TF typologies and set up a dedicated information exchange platform
• Carry out research, assessments and analyses, prepare summaries, guidelines, recommendations, methodologies and legislative initiatives to improve the AML/CTF framework in Lithuania
• Assist private sector entities in conducting internal risk assessments
• Strengthen the competence of public and private sector staff in the AML/CTF field, organise various related events, including trainings, seminars and conferences
• Publish information on cooperation and implementation of AML/CTF measures

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Concept and chronology

Chronology: On 17 May 2021 the Centre of Excellence in Anti-Money Laundering started its activities in Lithuania. On 28 October 2020, the Government of the Republic of Lithuania adopted resolution regarding the establishment of the AML Centre of Excellence. On 6 April 2020, the establishment of the AML Centre of Excellence was approved by the Government of the Republic of Lithuania. Its founders and stakeholders will be the Bank of Lithuania, the Ministry of Finance of the Republic of Lithuania as well as commercial banks operating in the country. The Financial Crime Investigation Service, the Police Department, the State Tax Inspectorate and the Prosecutor General’s Office are also expected to take part in the activities of the centre. Concept of the Centre (in Lithuanian) (870.7 KB download icon) On 4 July 2019, the Advisory Commission on Financial Markets Policy Formation took upon itself to evaluate the possibilities of establishing the centre in order to enhance cooperation in the AML/CTF field between supervisory institutions, law enforcement entities and financial market participants. The Bank of Lithuania and the Financial Crime Investigation Service set up a working group which, together with representatives of the Ministry of Finance, has analysed best international practices and discussed various examples of collaboration between the public and private sectors.

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