📢The Financial Crimes Investigation Service (“FCIS”) conducted a strategic sectoral analysis of virtual currency exchange operators and depository virtual currency wallet operators. With this analysis, FCIS had an objective to assess the activities related to virtual currencies and the risks they pose. FCIS identified that around 90 percent of the total 195 operators analysed do not provide the required information to the FCIS.
❗Please be reminded, that virtual currency exchange operators and depository virtual currency wallet operators, under the Republic of Lithuania Law on the Prevention of Money Laundering and Terrorist Financing, are required to report to the FCIS:
📌the persons appointed as managers responsible for the implementation of the AML/CFT and for the co-operation with the FCIS;
📌suspicious monetary operations or transactions;
📌cash/virtual currency transactions equal to or exceeding EUR 15,000.
The FCIS reminded that the FCIS may impose warnings, other sanctions, or fines of up to EUR 1,1 million on obliged entities (other than financial institutions) for systematic, serious, or repeated infringements of the Law on Prevention of Money Laundering and Terrorist Financing. Thus, virtual currency exchange operators and depository virtual currency wallet operators should at all times comply with the said obligations strictly.
Read more about the full analysis: here