The Bank of Lithuania has fined Contis, a UK financial services company, 840,000 euros for non-compliance with anti-money laundering (AML) and terrorist financing prevention regulations, as well as lapses in information security and business continuity risk management. Contis delegated AML/CFT responsibilities to distributors without proper oversight, leading to significant weaknesses in risk assessment and audit procedures. The company failed to ensure effective risk assessment for distributors, identify risks related to crypto-assets, and adequately determine the purpose of business relations with clients. The Bank of Lithuania has imposed additional restrictions on Contis’ business development and set deadlines for addressing violations. This enforcement action follows a previous fine of 180,000 euros in April for inadequate client fund protection and breaching capital requirements. The regulatory measures highlight the importance of robust AML/CFT frameworks in the financial sector.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}