2002-10-24
1. The Board discussed the results of the inspection of Sauliu Bank carried out from August 26 to September 20, 2002.
The Bank was instructed to remove the shortcomings established during the inspection, assess the deficiencies in the classification of doubtful assets and make the necessary specific provisions (LTL 1,048 thousand). The major part of provisions was made during the inspection.
2. The Board discussed the operations of the Credit Institutions Supervision Department in Q3 2002.
3. The Board approved methodological recommendations to credit institutions with regard to the prevention of money laundering.
The Recommendations were issued in relation to the amendments in the Law on the Prevention of Money Laundering and the criteria subsequently approved by the Government and the Bank of Lithuania for establishing suspicious monetary operations.
The methodological recommendations reflect the provisions of the above legislation, the provisions regulating stricter identification of customers, and focus on suspicious monetary operations that could be related to countries and territories, which do not co-operate in the area of the prevention of money laundering, and to terrorism financing.
4. The Board decided to grant permission to Norddeutsche Landesbank Girozentrale of the Federal Republic of Germany to transfer the funds (LTL 73,746,315) to pay for the new share issue of the Agricultural Bank of Lithuania to an account with the Bank of Lithuania.