2018-02-15
Bank of Lithuania warns Swedbank, AB; Licence issued to Neris credit union to be established
Bank of Lithuania warns Swedbank, AB
The Bank of Lithuania has carried out an inspection of Swedbank, AB during which it assessed the Bank’s compliance with the legal acts regulating the prevention of money laundering and terrorist financing, compliance of the process of the assessment of the suitability and acceptability of financial instruments and investment services for clients with the requirements of the legal acts regulating investment services, as well as the credibility of the information technology of SEPA payments infrastructure.
The inspection identified some violations of legal acts and deficiencies in the operation in the field of the prevention of money laundering and terrorist financing.As a result, the Board of the Bank of Lithuania gave Swedbank, AB notice of all violations and deficiencies identified during the inspection and obligated it to eliminate them by 1 May 2018.
No other material violations of legal acts or deficiencies in the operation in other fields inspected have been identified.
Licence issued to Neris credit union to be established
The Board of the Bank of Lithuania decided to issue a licence of a credit union to Neris credit union, which is in the process of establishment. Holding this licence, the credit union will be able to accept deposits from residents and other non-professional market participants, grant loans, and provide other financial services.
Membership of this credit union will be based on the territorial principle, i.e. persons who live, work or study in the territory of Vilnius city municipality and in the neighbouring Vilnius and Trakai districts’ municipalities will be able to become its members.