Centre of Excellence in Anti-Money Laundering
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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.
The Director of the Centre is Eimantas Vytuvis. Having started his career in the police, Mr Vytuvis later worked at the Special Investigation Service, where he investigated corruption crimes, then supervised anti money laundering issues at Nordea and Luminor banks, and since April 2018 headed the Customer Risk Management Unit at Luminor Group. Mr Vytuvis is a certified specialist accredited by the Association of Certified Anti-Money Laundering Specialists (ACAMS). For contacts please use this e-mail address: [email protected]
The AML Centre of Excellence aims to:
- 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