Thought Leadership


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Evelina Tumakova-Kuzmič

Risk based approach

24 May 2021

Risk based approach means that financial institution’s actions taken to prevent money laundering and terrorist financing (ML/TF) should reflect the level of risks that the company is facing. Risk based approach is needed to allocate the resources most effectively and to ensure that the applied risk control measures are sufficient and not excessive.

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Evelina Tumakova-Kuzmič

How to improve and maintain compliance culture in financial institutions

22 March 2021

Culture in financial services is widely accepted as a key root cause of the major conduct failings that have occurred within the industry in recent history, causing harm to both consumers and markets. The above-mentioned aptly corresponds to the importance of ethical business practise and the ‘right’ culture in financial institutions.

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Sigita Zavišienė

Important changes in legislation and first homework for Fintech companies in 2021

4 February 2021

Fintech companies holding e-money or payment institution licences are reminded to:

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Sigita Zavišienė

2020 Review: Fintech sector has almost doubled

14 December 2020

The year 2020 that’s drawing to a close has been an exceptional year for all Lithuanian and international business sectors, including Fintech companies, due to the COVID-19 pandemic. However, according to the Lithuanian Payments Market Review 2020 published by the Bank of Lithuania, the latter companies have been quite successful at responding to this challenge, having expediently reorganised customer service flows and having guaranteed secure payment methods in e-commerce.

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Sigita Zavišienė

Need to know for EMIs/PIs: as of 2021 more activity reports to be submitted to the Bank of Lithuania

15 September 2020

In order to identify possible risks arising in the activities of electronic money and payment institutions (“Institutions”) as early as possible, the Bank of Lithuania will require even more activity reports to be submitted as of 2021.

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Sigita Zavišienė

Risk Management in an Organisation: Evolution of the Three Lines of Defence Model

8 September 2020

An effective internal risk management and control system is a vital component of any organisation, especially a financial institution. The results of an international study reveal that the internal risk management and control system in organisations is usually based on the Three Lines of Defence Model.

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Evelina Tumakova-Kuzmič

How to identify “money mules”

2 September 2020

The current situation in the world has had negative consequences for many – people have lost their jobs and are seeing sharp drops in income. However, one area where “job offers” have definitely increased is money laundering. Criminals are more frequently looking for “money mules” – people who allow foreign money to be transferred through bank accounts opened in their own name and are paid for their services.

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