Attention to all Lithuanian-based virtual asset service providers (VASPs) ❗️
Starting from 1 January 2023 all Lithuanian-based VASPs will have to submit information and reports to FCIS regarding the implementation of AML/CTF measures. The final legal framework for this procedure will be adopted until the end of this year.
According to the preliminary information published by FCIS, Lithuanian-based VASPs will have to provide annual reports about their activities (the data should reflect the situation as of December 31). Such reports include topics related to VASP‘s employees dedicated to AML/CTF function, VASP‘s clientele (quantitative data by various criteria, e.g., natural/legal persons, citizenship/country of establishment, PEPs, high-risk clients, etc.), volumes of transactions, outsourcing as well as AML/CTF measures implemented by the particular VASP.
In order to properly prepare for changes in legal regulation, we strongly recommend a fundamental review of VASP’s AML/CTF measures and procedures. The latter must correspond to the risk appetite set by each VASP. In case of any questions, our professional Response Legal team would be ready to assist you.
Senior Associate
Kristupas Bagdonavičius