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At the beginning of each current year, the Bank of Lithuania publishes a routine inspection plan with the aim of ensuring full transparency as well as more smooth and constructive cooperation between supervisory units of the Bank of Lithuania and financial market participants. Announcing inspections in advance also serves as a preventive measure: financial institutions assess potential operational shortcomings and eliminate them in advance. This results in a much faster and more efficient inspection process. In addition to routine inspections, taking into account market participants’ operational changes or their complaints and having assessed risks, the Bank of Lithuania also conducts inspections that are not pre-announced. Inspections of banks directly supervised by the European Central Bank (ECB) might be also carried out in cooperation with ECB experts. |
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- Regulations on inspections carried out for the purposes of financial market supervision can be found here (134.3 KB download icon).
Financial market participant inspection plan for 20241
| Financial market participant | Inspection type (general, targeted, assessment visit) | Areas under inspection | Inspection period2 | |
| start | end | |||
| Banks and Central Credit Unions | ||||
| UAB SME Bank | Targeted | Issues of anti-money laundering and counter terrorist financing (AML/CTF) | Q1 | Q1 |
| UAB Medicinos bankas | Targeted | Issues of AML/CTF | Q2 | Q2 |
| Bank X3 | Targeted | Issues of AML/CTF | Q4 | Q4 |
| Finora Bank UAB | Targeted | Separate issues of managing credit risk, information and communication technology (ICT) risk, security and operational risks | Q4 | Q4 |
| Insurance Undertakings | ||||
| Insurance undertaking X3 | Targeted | Separate issues of managing ICT, security and operational risks | Q3-Q4 | Q4 |
| Compensa Vienna Insurance Group, ADB | Assessment visit | Assessment of the partial internal model stability and accuracy of the results | Q4 | Q4 |
| 3 insurance undertakings and/or branches of insurance undertakings of other EU Member States | Assessment visit | Insurance product supervision and management process | Q2 | Q4 |
| Financial Brokerage Firms | ||||
| Revolut Securities Europe UAB | Assessment visit | Provision of investment services (disclosure of information, conclusion of an agreement, categorisation of a client, assessment of suitability and appropriateness, acceptance and fulfilment of orders, reporting and handling of complaints) | Q3-Q4 | Q3-Q4 |
| Credit Unions | ||||
| Credit union X3 | Targeted | Separate issues of ensuring internal governance and internal control; credit risk management, liquidity risk management and other issues on demand | Q3-Q4 | Q3-Q4 |
| Electronic Money and Payment Institutions | ||||
| Up to 3 selected electronic money and/or payment institutions | Targeted | Requirements for the implementation of international sanctions | Q1 | Q1 |
| UAB Pyrros Lithuania | Targeted | Issues of AML/CTF | Q1 | Q1 |
| AB ZEN.COM | Targeted | Issues of AML/CTF, prudential and operational management requirements | Q1 | Q2 |
| UAB Monavate | Targeted | Issues of AML/CTF, prudential and operational management requirements | Q2 | Q3 |
| UAB Pervesk | Targeted | Issues of AML/CTF | Q2 | Q3 |
| UAB ConnectPay | Targeted | Issues of AML/CTF | Q3 | Q4 |
| DiPocket UAB | Targeted | Issues of prudential and operational management requirements | Q3 | Q4 |
| Up to 5 selected electronic money and/or payment institutions | Targeted | Issues of AML/CTF | Q1 | Q4 |
| Up to 3 selected electronic money and/or payment institutions | Targeted | Issues of prudential, operational management and/or IT risk management requirements | Q1 | Q4 |
| Management Companies | ||||
| UAB SEB investicijų valdymas | Targeted | Pension fund management activities | Q3-Q4 | Q3-Q4 |
| Issuers | ||||
| Up to 2 undertakings, the exact ones will be determined following a selection procedure (August) | General or targeted (will be determined following a selection procedure) | Compliance of the accounting and financial statements with applicable accounting standards and compliance of the annual report and the social responsibility report with legal acts | Q3-Q4 | Q3-Q4 |
| Independent Credit Intermediaries Related to Real Estate | ||||
| 3 credit intermediaries | Assessment visit | Activities of a credit intermediary | Q2 | Q4 |
[[#ex]]
Previous inspection plans
- Financial market participant inspection plan for 2023 (97.6 KB download icon)
- Financial market participant inspection plan for 2022 (73.3 KB download icon)
- Financial market participant inspection plan for 2020 (85.3 KB download icon)
[[#ex]]
1 This plan does not include on-site inspections at banks, the competent supervisory authority of which is the European Central Bank. In line with current practices, it does not publicly announce the plan of on-site inspections.
2 Inspections and assessment visits can be carried out either on-site or remotely.
3 Financial market participant X will be selected in the course of the year.