The Centre of Excellence in Anti-Money Laundering starts its activities in Lithuania

Monday 17 May 2021 12:24 CET | News

The Centre of Excellence in Anti-Money Laundering has begun its activities in Lithuania, bringing together representatives of both the public and private sectors.

The centre aims to lift anti-money laundering practices implemented in the country to a new level. The Centre is founded by the Ministry of Finance of the Republic of Lithuania, the Bank of Lithuania, commercial banks (AB SEB bankas, Swedbank, AB, AB Šiaulių bankas, Luminor Bank AS Lithuanian branch, UAB Medicinos bankas, Revolut Bank, UAB, AS Citadele banka Lithuanian branch and OP Corporate Bank plc Lithuanian branch).

The Centre of Excellence in Anti-Money Laundering will share information on the money laundering and terrorist financing (ML/TF) typologies and set up a dedicated information exchange platform to help financial market participants properly identify and manage their risks.

It will also carry out studies, assessments, and analyses, prepare guidelines, recommendations, methodologies, and legislative initiatives to improve the AML/CTF framework in Lithuania. The Centre will assist private sector entities in conducting internal risk assessment, strengthen the public and private sectors’ competencies in the AML/CTF field, organise training, seminars, conferences, and other events as well as publish information on its activities.

Now there are around 20 anti-money laundering centres based on public-private partnership around the globe.

The Centre’s activities will be financed by annual contributions made by the Bank of Lithuania and representatives of the private sector. The state’s contribution reaches EUR 30,000 from the total state appropriations allocated to the Ministry of Finance of the Republic of Lithuania.

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Keywords: AML, money laundering, data sharing, central bank, fraud prevention
Categories: Fraud & Financial Crime
Countries: Lithuania
This article is part of category

Fraud & Financial Crime