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Anti-Money Laundering and Counter-Terrorism Financing

What are the Anti-Money Laundering and Counter-Terrorism Financing requirements?

UAB "Pervesk" complies with the latest Anti-Money Laundering and Counter Terrorist Financing regulations which require financial institutions to ensure that their products and services are not being used to commit crimes, such as money-laundering, terrorism financing, or fraud.

These regulations also prohibit financial institutions from executing payment transactions if they are unable to understand the nature of the payment transactions being executed, the customer's activities, if the customer does not provide information on the sources of their assets and funds, or if the information provided is inaccurate or incomplete.

To this end, financial institutions must collect certain information about their customers in order to know the client’s activity, payment habits, sources of funds and to be able to respond to unusual activity related to payment transactions made by the customer.

At the same time, this information needs to be verified and updated on a regular basis by financial institutions, which is why customers are regularly asked to provide and/or update customer knowledge information and documents supporting payment transactions.

The main legal acts of the European Union and national law establishing requirements in the field of AML/CTF and sanctions prevention:

  • Directive (EU) 2015/849 of the European Parliament and of the Council on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing
  • Law of the Republic of Lithuania on the Prevention of Money Laundering and Terrorist Financing (and the sub-legislative acts adopted on the basis of the legal act);
  • Resolution of the Board of the Bank of Lithuania on the approval of the Guidelines on the Prevention of Money Laundering and/or Terrorist Financing for Financial Market Participants;
  • Law on International Sanctions
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