EU Competition: Spain and Lithuania in the Race for New AML Authority (AMLA)
- The European Union (EU) is in the process of establishing a new Anti-Money Laundering Authority (AMLA)
- Spain and Lithuania are vying for the opportunity to host the new organization
- Both countries have launched marketing campaigns to attract AMLA
Lithuania’s Improvements in AML Abilities: ‘More Efforts Remain’
According to the latest MONEYVAL report, Lithuania has made improvements in its Anti-Money Laundering (AML) abilities. However, the report cautioned that ‘more efforts remain necessary’ to fully address ‘minor shortcomings’ in the country’s AML regime.
Paysera Halts Transfers to and from Russia: Response to Ukraine Invasion
In response to the invasion of Ukraine by Russia, the Lithuanian fintech Paysera has halted transfers to and from Russia:
- The company spokesperson encouraged other financial institutions to follow suit
Lithuania’s AML Compliance: ‘Significant Progress’ but ‘More Efforts Remain’
The MONEYVAL report noted that Lithuania has made ‘significant progress’ in meeting FATF compliance standards but warned that ‘more efforts remain necessary.’
Paysera’s €370K Fine Reduced by Lithuanian Court
- In 2020, Paysera was fined €370K by the Bank of Lithuania
- A Lithuanian court recently reduced the fine, with the shareholder emphasizing Paysera’s commitment to ‘highest standards’
Central Bank Revokes License of FinTech Company Linked to Wirecard Scandal
- The Central Bank of Lithuania has revoked the license of a FinTech company tied to the Wirecard scandal
Belarussian Oligarchs Launder Millions Through Lithuania
An investigation uncovered evidence of Belarussian oligarchs laundering millions of dollars through Lithuania, using shell companies, unexplained profits, and a ‘decaying’ business address.
Increased Responsibility for AML in Lithuania: ‘More Relevant Than Ever’
The Central Bank of Lithuania issued a warning about the increased importance of AML in the country, as digital payments surged in 2020.