Financial Crime World

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Lithuania’s Compliance Landscape: A Guide to Staying Ahead of the Game

In an increasingly complex financial world, staying compliant is crucial for financial institutions operating in Lithuania. From anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations to fintech licensing and data protection laws, there’s a lot to navigate.

Ongoing Monitoring and Screening Crucial

Sanctions screening isn’t a one-time deal, experts warn. Financial institutions must continuously monitor customer and transaction data for potential matches against sanctions lists, which can change frequently. Staying vigilant is vital to avoid hefty fines and reputational damage. Flagright’s comprehensive sanctions screening solution automates the process, providing real-time alerts and updates.

Flagright’s Comprehensive Sanctions Screening Solution

  • Automates the sanctions screening process
  • Provides real-time alerts and updates
  • Ensures continuous monitoring of customer and transaction data

Fintech Licensing: A Complex Landscape

Lithuania offers various fintech licenses, including Electronic Money Institution (EMI), Payment Institution (PI), Specialized Bank License, and Peer-to-Peer (P2P) Lending Platform License. Obtaining a license requires navigating regulatory requirements and procedures, including:

  • Preparation and submission of applications
  • Fit and proper assessments
  • Compliance with AML/CTF, KYC, and KYB regulations
  • Ongoing reporting

Flagright Supports Fintech Licensing and Regulatory Compliance

Navigating the complex world of fintech licensing can be daunting. Flagright offers a range of services to support fintech companies in their compliance journey.

Flagright’s Services

  • Transaction monitoring
  • Risk assessment
  • AML/CTF compliance
  • Ongoing regulatory management

Data Protection Laws: A Priority

Lithuania has a robust data protection framework, which includes the Law on Legal Protection of Personal Data and the EU General Data Protection Regulation (GDPR). Financial institutions must comply with these regulations to maintain trust and ensure a secure data environment.

Flagright: Your Compliance Partner

In today’s fast-paced and ever-evolving financial landscape, staying compliant can feel like a Herculean task. That’s where Flagright comes in. Our no-code centralized AML compliance and fraud prevention platform offers:

  • Real-time transaction monitoring
  • Customer risk assessment
  • KYB and ID verification
  • Sanctions screening

Schedule a free demo with us to learn more about how we can support your financial institution’s compliance journey.

Flagright’s Platform

  • No-code centralized AML compliance and fraud prevention platform
  • Offers real-time transaction monitoring, customer risk assessment, KYB and ID verification, and sanctions screening