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Bank of Lithuania Fines Contis €840,000 for AML/CFT Violations and Security Lapses

Money LaunderingBank of Lithuania Fines Contis €840,000 for AML/CFT Violations and Security Lapses

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

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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