All results 15
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Prevention of money laundering and terrorist financing
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Customer identification
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17-02-2021 | How should financial institutions verify a customer’s citizenship when using their driving licence for identification purposes? Is a driving licence issued in the United Kingdom, which is no longer part of the European Economic Area (EEA), a valid document for a customer’s identification? |
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01-04-2020 | How can a financial market participant authenticate a customer in the physical presence of the customer if, at the beginning of the business relationship, the customer’s identity was established and verified upon receipt of their passport or identity card? |
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22-02-2019 | Is it obligatory to check against public, reliable and independent sources for negative information that can impact the customer’s, its representative’s and beneficiary’s reputation (e.g. if a pre-trial investigation into the customer’s financial crimes is initiated, etc.) during customer identification and verification? |
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22-02-2019 | Do paper versions of documents (e.g. copies of passports, shareholder registers and company’s articles of association, etc.) collected during customer identification have to be stored? Is it sufficient to store only electronic versions of the documents in the customer’s file, according to internal control procedures determined by the financial institution? |
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Beneficial owner identification
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15-11-2020 | Who should be considered the beneficial owner of various legal persons (e.g. in cases of unions or associations of multi-family apartment house owners or in case of a legal person undergoing bankruptcy procedures)? |
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28-06-2019 | How should a market participant identify a beneficiary, if a legal person’s ownership structure includes company the securities of which are traded on a regulated market in the Member States of the European Union or other foreign countries and which is subject to disclosure requirements compliant with European Union legislation? |
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28-06-2019 | How should a market participant identify a beneficiary, if the legal person’s ownership structure includes companies registered outside of the Republic of Lithuania? |
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28-06-2019 | How to identify a beneficiary? |
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22-02-2019 | What criteria should be used for selecting reliable and independent sources for the verification of information on customers and beneficial owners? Can you list examples of such sources? |
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International financial sanctions
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07-07-2022 | Should a financial institution make a payment to an entity which is subject to European Union sanctions under a contract, agreement or obligations that were concluded or arose before the date of the enforcement of sanctions on the entity? |
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Monitoring of business relationships
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26-07-2018 | When entering into a business relationship, is the customer always required to fill in a Know Your Customer (KYC) questionnaire? How detailed the questionnaire must be? |
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Other
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22-02-2019 | Can financial institutions wanting to install new technological solution to manage money laundering and terrorist financing (ML/TF) risks request the Bank of Lithuania (LB) to judge its acceptability and compliance with the requirements of the Law on the Prevention of Money Laundering and Terrorist Financing (hereinafter ‘the Law’) (in customer identification and verification, monitoring of financial operations and other stages)? If yes, can you briefly outline the procedure? If no, can you tell what other ways there are for the supervised entities to assess the applied technological solution’s compliance of with the Law and LB recommendations? |
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26-07-2018 | While performing Ongoing Due Diligence on customer and beneficial owner, can financial market participant use data available in reliable external sources as the primary source? For example, data on the type of activity, management structure, manager (managers), beneficial owner, etc. |
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26-07-2018 | What is the difference between the simplified customer due diligence case laid down in Article 9(4) of the Law on Money Laundering and Terrorist Financing (hereinafter – Law) and the case in Article 15(1)(7) of the Law? |
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26-07-2018 | How frequently does information about the customer and the beneficial owner need to be updated? |
Last update: 13-11-2022