2023-01-20
The Bank of Lithuania published the Financial Market Participant Inspection Plan for 2023. According to the plan, the experts of the Bank of Lithuania plan to inspect 8 electronic money and payment institutions, 2 banks, 1 central credit union and 1 credit union, 2 issuers and 2 management companies.
The inspections will largely focus on ICT, credit, liquidity and other risk management, as well as compliance with the requirements for the prevention of money laundering and terrorist financing, internal control, prudential and other requirements.
In addition to routine inspections and taking into account market participants’ operational changes or their complaints and risks, the Bank of Lithuania also conducts inspections that are not pre-announced. Inspections of banks directly supervised by the European Central Bank might be also carried out (in cooperation with experts from the European Central Bank).
Plans for routine inspections have been published by the Bank of Lithuania since 2017 to ensure smoother and more constructive cooperation between the supervisory authority 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.