Compliance (AML) Officer for a Lithuanian
ROLE OF COMPLIANCE OFFICER
The compliance officer is responsible for implementing regulations at the institutional level. The specialist’s attention is focused on the internal systems and controls that the company uses to detect, monitor, and report money laundering activities to the authorities. The main task is to ensure that the organization is not at risk and does not contribute to financial crimes.
DESIGNATION OF COMPLIANCE OFFICER IN LITHUANIA
Based on the Article 22 Part 1 of the Law on the Prevention of Money Laundering and Terrorist Financing the financial institutions and other obliged entities must designate senior employees for organizing the implementation of money laundering and/or terrorist financing prevention measures specified in this Law and for liaising with the Financial Crime Investigation Service (FCIS). Where the financial institutions or other obliged entities are led by the board, the financial institutions and other obliged entities must designate a member of the board for organizing the implementation of money laundering and/or terrorist financing prevention measures specified in this Law and senior employees for liaising with the Financial Crime Investigation Service. The Financial Crime Investigation Service must be notified in writing of the designation as well as replacement of such employees and board members not later than within seven working days from the date of their designation or replacement.
Information must be provided by the notification written by email [email protected] Please note that email and telephone number must be included into the letter.
Moreover, virtual currency exchange operator and depository virtual currency wallet operator, or the beneficiary of such entities may not be a natural person who has been convicted of a serious crime against property, property rights and property interests, the economic and business order, the financial system, the civil service, and the public interest, and has the criminal record that is in force and has not been annulled.
The requirements for the implementation of AMTF prevention measures are set out in the Prevention of Money Laundering and Terrorist Financing Law of Lithuanian Republic.
Instructions addressed to money operators of deposit virtual currencies and operators of virtual currency exchange offices (Crypto) is described in order on instructions to deposit operators for virtual currency money monitors and operators for virtual currency exchanges for the Prevention of Money Laundering and/or Financing of Terrorism.
FCIS REQUIREMENTS FOR AN AML COMPLIANCE OFFICER:
- Only a person who has the education, professional aptitude, abilities, personal qualities, experience and impeccable reputation necessary for the performance of the duties of AML may be appointed as an employee of AML.
- The company should provide specialized training on measures to prevent money-laundering and the financing of terrorism to its employees, especially those responsible for customer relations and transaction control.
The Compliance Specialist not only tracks and processes various confidential financial data, but also interacts regularly with the board of directors as well as financial authorities. In addition to KYC/AML, an officer of your company must have sufficient authority to ensure the effective performance of his duties. Ideally, an AML specialist should be a director-level employee with industry experience to deal with all aspects of their professional environment.
RESPONSIBILITIES OF THE COMPLIANCE OFFICER
- Development, implementation, and maintenance of an anti-money laundering program of the respective institution.
- Collection and analysis of information on suspicious transactions and reporting to the FCIS in case of suspicion of money laundering or terrorist financing.
- Preparation and submission of written statements on compliance with the requirements of the law to the company’s management.
- Maintenance of High-Risk customer records and reporting to authorities.
- Maintenance of a risk assessment system for products and service and customers, as well as for other issues related.
KYC/AML Officer takes due diligence measures:
- When establishing business relations with a new client.
- When making payment in the amount of more than 15,000 EUR or an equal amount in another currency.
- When verifying data in case of doubts about the reliability of submitted documents or data. In case of suspected money laundering or terrorist financing.