KYC/AML procedūra Lietuvos kriptovaliutų bendrovei
This article is an extract form a Lithuanian law on the PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING
Crypto-Asset Service Providers (CASPs), including providers of custody and administration of crypto-assets, exchange services and crypto-asset transfers, must implement risk-based AML/CTF compliance measures in accordance with Lithuanian legislation and applicable EU regulations. These measures include customer and beneficial owner identification, enhanced due diligence for higher-risk relationships, ongoing transaction monitoring, sanctions screening, suspicious transaction reporting, record retention and internal compliance controls. CASPs must also comply with Regulation (EU) 2023/1113 concerning information accompanying transfers of funds and certain crypto-assets (the Travel Rule).
- Customer due diligence (CDD) and identification of beneficial owners: CASPs must identify and verify their customers using reliable and independent sources, identify persons acting on behalf of customers, establish the ownership and control structure of legal entity customers, determine the purpose and intended nature of business relationships, and apply ongoing risk-based monitoring. For crypto-asset transfers, CASPs must also collect, verify where required, and transmit relevant originator and beneficiary information in accordance with Regulation (EU) 2023/1113.
- 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;
- Suspension of suspicious transactions: Where a CASP identifies a transaction that may involve money laundering, terrorist financing or other relevant financial crime, it must assess the circumstances and comply with the applicable reporting and transaction suspension requirements. Suspicious transactions must be reported to the Lithuanian Financial Crime Investigation Service (FNTT) without delay, regardless of their value. Transaction suspension, refusal or execution must follow the applicable legal requirements and instructions issued by competent authorities.
- Notification about the suspicious money operations or transactions;
- Reporting obligations: CASPs must report suspicious transactions to the Lithuanian Financial Crime Investigation Service (FNTT) irrespective of the transaction amount. Separate statutory reporting obligations may apply to specified cash transactions and other regulated operations. The former reporting requirement specifically applicable to virtual currency transactions of EUR 15,000 or more should not be presented as a universal reporting threshold for CASPs operating under the MiCA framework. CASPs must also comply with the applicable information collection and transmission obligations under Regulation (EU) 2023/1113, including requirements concerning transfers involving self-hosted addresses.
- Analysis of the structure of complex or unusually big deals or unusual deals;
- Record keeping and data retention: CASPs must retain customer identification documents, beneficial ownership information, transaction records and other relevant AML/CTF documentation for the periods prescribed by Lithuanian legislation. Under the Lithuanian Law on the Prevention of Money Laundering and Terrorist Financing, customer identification records and transaction documentation must generally be retained for eight years, while business correspondence must generally be retained for five years. Different retention periods may apply to specific categories of records, and any extension must have a valid legal basis. Personal data must not be retained indefinitely and must be processed in accordance with the GDPR.
- Assignment of employees responsible for realisation of measures for prevention of money laundering and/or terrorist financing;
- Employee training;
- CASPs must establish documented internal procedures for responding promptly and securely to lawful requests from the Financial Crime Investigation Service (FNTT), the Bank of Lithuania and other competent authorities. These procedures must ensure the confidentiality of regulatory communications, appropriate handling of personal data, preservation of relevant records and compliance with applicable restrictions on disclosing suspicious transaction reports or investigations to customers or unauthorised third parties.
- 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.
Company in Lithuania UAB provides legal and regulatory assistance to businesses seeking authorisation as Crypto-Asset Service Providers (CASPs) in Lithuania under Regulation (EU) 2023/1114 (MiCA). Our services include company incorporation, assessment of licensing requirements, preparation of AML/CTF and KYC policies, development of internal compliance procedures, corporate governance documentation and assistance with applications submitted to the Bank of Lithuania. The authorisation process is subject to regulatory assessment, and approval is not guaranteed.
