KYC/AML Procedure for Lithuanian Crypto-Company

This article is an extract form a Lithuanian law on the PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING

An operator of a deposit virtual currency wallet and exchange operator of the virtual currency shall implement the following measures to prevent money laundering and/or terrorist financing:

• Identification of the client and receiver:
• determine if client is acting on behalf of his/her name or on behalf of another representative;
• if a client act on behalf of the representative, identification of the representative;
• identification of the customer – physical person;
• identification of the client – legal entity;
• identification of the client – beneficiary of the legal entity;
• collection of the information about thee client – managers of the legal entity;
• collection of the information about the ownership and control structure of the client – legal entity and principal activities;
• collection of the information of the clients’ intentions and implied characteristics of the business relationship of the client – physical and legal entity;
• verification of the clients identity and receiver based on the documents, data or information received from the reliable and independent source;
• substantive monitoring of business relations of the client;
• regular overview and update of the documents, data or information provided for the identification of a client and receiver;
• When it is not possible to fulfill the requirements for client identification and the beneficiary – transaction cancellation, inability to establish the cooperation relations, dissolution;
• Implementation of all identification measures of the client of the virtual currency project;
• Withholding of suspicious money operations or transactions;
• Notification about the suspicious money operations or transactions;
• Notification about the virtual currency exchange operations or transactions in virtual currency, if the amount of such money operation or transaction exceeds 15 000 Euro or their equivalent in foreign or virtual currency, despite the fact if this transaction is implemented in one or several related money transactions;
• Analysis of the structure of complex or unusually big deals or unusual deals;
• Storage of the information during an unspecified period of time;
• Assignment of employees responsible for realisation of measures for prevention of money laundering and/or terrorist financing;
• Employee training;
• Implementation of internal procedural rules allowing immediate reaction on requests from Financial Crime Investigation Service through secure channels and provision of full confidentiality of the requests;
• Confidentiality of the information provided to the Financial Crime Investigation Service;
• Implementation of internal policies and procedures of inner control;

Company in Lithuania UAB will be glad to offer their assistance in preparation of suitable KYC/ AML documents and procedural rules for your business operations.

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