Lithuania’s Banking Sector Takes a Proactive Approach to Anti-Money Laundering with New Guidelines

Amidst increasing scrutiny on money laundering in the Baltic region, the Association of Lithuanian Banks (ALB) has taken a decisive step forward in combatting financial crimes. In collaboration with the:

• Financial Crime Investigation Service
• Bank of Lithuania
• Legal experts

The banking association has developed a comprehensive set of customer due diligence guidelines. This landmark document represents a significant stride towards harmonizing anti-money laundering (AML) preventive measures within Lithuania’s financial sector.

Key Features of the Guidelines

1. Clearer and more straightforward processes: The new guidelines aim to increase transparency and effectively curb illicit activities.
2. Compliance with new legislation: As new legislation is introduced, the guidelines will be continuously updated and expanded to ensure that market participants remain fully compliant.

Significance of the Guidelines

The guidelines are unique among neighboring countries and represent a significant stride towards:

• Harmonizing AML preventive measures within Lithuania’s financial sector
• Making the processes clearer and more straightforward for users of financial services

Access the Guidelines

You can access the extensive guidelines on customer due diligence here.