2023-05-11
AML experts to discuss ways of strengthening the implementation of international sanctions
On 17 May, the Center of Excellence in Anti-Money Laundering (AML Centre), together with the Bank of Lithuania, will hold the second Annual AML Center Conference 2023: On the Front Line of the New Reality. At the conference, Lithuanian and foreign law enforcement, financial institution supervision, banking, information technology and other experts will share their latest experience in strengthening the prevention of financial crime and the implementation of international sanctions against russia and belarus.
“Together with financial market participants and the public sector representatives, we keep abreast of the implementation of sanctions and the prevention of money laundering and terrorist financing. However, we need to keep up with evolving technology, i.e. to consider ways of applying it to detect transaction risks and to identify potential threats more quickly. We must be proactive and collaborate by sharing expertise and practices in order to adequately prepare for future challenges in the area of financial crime prevention and implementation of sanctions,” says Elčin Mamedov, Acting Director of the Center of Excellence in Anti-Money Laundering.
“Lithuanian financial institutions provide payment services to more than 25 million customers in 30 countries. In the global market, there is a growing need for a rapid exchange of information with financial regulators in other countries and for effective collection, analysis and use of supervisory data. At the international conference, we will discuss these and other challenges and opportunities to ensure the prevention of money laundering and terrorist financing requirements in this dynamic environment, including the technology” says Simonas Krėpšta, Member of the Board of the Bank of Lithuania.
With the ongoing war in Ukraine and the eleventh package of sanctions against the aggressors being considered, the implementation of sanctions remains high on the international agenda. According to the Financial Crime Investigation Service, over €44 million of funds of legal entities with links to Russia are currently frozen in Lithuania. According to Mamedov, attempts to circumvent the sanctions remain unchanged, with the help of logistics companies operating at the border of the aggressor, newly established companies registered instead of or alongside the sanctioned companies, and complex ownership structures preventing the identification of who ultimately controls the company.
At this year’s event, experts with extensive experience will share best practices and insights on anti-money laundering and counter terrorist financing, the enforcement and regulation of sanctions as well as digital transformation. The conference will be opened by Ingrida Šimonytė, Prime Minister of the Republic of Lithuania. Gediminas Šimkus, Chairman of the Board of the Bank of Lithuania, will give a keynote speech.
Regarding sanctions, the speakers will focus on reviewing the past year since the imposition of sanctions on Russia. They will discuss the results achieved and the impact of the sanctions, i.e. what the goal is and what difficulties are faced in reality. Sanction experts from the European Commission, the International Institute for Strategic Studies, banks and other institutions will address the challenges of effectiveness and regulation of sanctions.
Representatives of the Bank of Lithuania, Europol, the Financial Crime Investigation Services of Lithuania and Estonia as well as the Ministry of Finance of Latvia will discuss in more detail the innovations in the regulation of AML, as well as the amendments to the Regulation on Markets in Crypto-assets (MiCA), the opportunities they present and their impact on the pan-Baltic AML ecosystem.
AML data specialists, consultants of banks and fintech companies will analyse the impact of digital transformation on financial crime prevention, what is needed to employ new technologies and the problematic aspects they present.
The conference will be held on 17 May and will be broadcast live. Anyone interested is invited to participate in the conference remotely, the participation is free of charge. The event will be held in English. More information about the programme and the speakers, registration and livestream on the day of the event will be available here.
About the Center of Excellence in Anti-Money Laundering
Launched on 17 May 2021, the Center of Excellence in Anti-Money Laundering operates on the principle of public-private partnership and aims to strengthen anti-money laundering and counter-terrorist financing by developing best practices and educating existing and new AML specialists.
The founders of the Center of Excellence in Anti-Money Laundering are 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).