Sharing best practices in AML controls
Today 150 representatives of market participants, regulators, and law enforcement authorities participated in the training ‘AML controls: striving for continuous improvement’. National and international speakers shared their experience on KYC, identifying suspicious payments and reporting them to law enforcement authorities.
‘Only targeted initiatives to improve the effectiveness of AML/CTF framework can address public doubts whether financial sector is finally doing a good job in managing these risks. A necessary prerequisite for this – a public-private partnership to ensure alignment and adequate priority to this issue. Finger pointing or trying to approach the issue with communication strategies has no bearing on addressing the underlying risk,’ said Board Member Marius Jurgilas.
The AML training was organised as a joint initiative by the representatives of the Bank of Lithuania, the Financial Crime Investigation Service, the Estonian Financial Supervision Authority and the Association of Lithuanian Banks with the aim to strengthen the competence of market participants, concentrate on key issues and present regulatory innovations.
The training is intended for the representatives of banks as well as payment and electronic money institutions operating in Lithuania, which are responsible for the prevention of money laundering and terrorist financing. As the first line of defence, they are in charge of assessing their clients’ financial behaviour, identifying suspicious transactions and reporting them to the Financial Crime Investigation Service.
Financial institutions are implementing increasingly advanced systems for monitoring client transactions. Modern technologies allow for a more efficient analysis of client financial behaviour changes and a faster detection of suspicious transactions.
The Bank of Lithuania is continuously strengthening the prevention and management of risks related to money laundering and terrorist financing and regularly consulting market participants. Jointly with Nordic and Baltic financial supervisors, the central bank is enhancing cooperation aimed at more effective and better coordinated anti-money laundering supervision in the region. Seeking to promptly anticipate FinTech potential risks and effectively manage them, the Bank of Lithuania, together with eight other Lithuanian institutions, signed the Memorandum on Cooperation and Exchange of Information in Risk Management in Financial Innovation and Financial Technology.