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Lithuania Compliance: A Guide to AML/CTF Regulations, Fintech Licensing, and Data Protection
VILNIUS, Lithuania - As the fintech industry continues to grow in Lithuania, it’s essential for financial institutions to stay compliant with regulations and laws that govern their operations. In this comprehensive guide, we’ll delve into the world of anti-money laundering (AML) and combating the financing of terrorism (CTF), fintech licensing, and data protection.
Importance of Ongoing Monitoring and Screening
Sanctions screening is not a one-time task, but rather an ongoing process that requires continuous monitoring and updating. Financial institutions must stay vigilant to avoid hefty fines and potential reputational damage. Flagright’s sanctions screening solution offers real-time alerts and updates to ensure compliance.
- Real-time alerts and updates
- Ongoing monitoring and updating
Fintech Licensing and Regulatory Requirements
Lithuania offers various fintech licenses for companies providing payment services, electronic money institution (EMI) licenses, specialized bank licenses, and peer-to-peer (P2P) lending platform licenses. Flagright’s comprehensive sanctions screening solution automates the process, making it easier to stay compliant.
- Payment services
- Electronic money institution (EMI) licenses
- Specialized bank licenses
- Peer-to-peer (P2P) lending platform licenses
Data Protection and Privacy Laws
Lithuania has a robust data protection framework that governs the collection, processing, and storage of personal data. The Law on Legal Protection of Personal Data establishes general principles and requirements for data protection in the country. Flagright’s AML compliance platform ensures that financial institutions maintain trust and ensure a secure data environment.
- Robust data protection framework
- General principles and requirements for data protection
Conclusion
Staying compliant with regulations can be daunting, but Flagright is here to help. Our no-code centralized AML compliance and fraud prevention platform offers real-time transaction monitoring, customer risk assessment, KYB and ID verification, and sanctions screening. By choosing Flagright as your compliance partner, you can confidently navigate the Lithuanian financial landscape and focus on growing your business.
Schedule a Free Demo
Don’t miss out on this opportunity to conquer the challenges of the Lithuanian financial landscape with Flagright by your side. Schedule a free demo today and discover how our platform can help you achieve compliance and grow your business.