Administrative Agreement Concluded with the Bank of Lithuania
UAB Urbo Bankas („Bank“), company code 112027077, address: Konstitucijos pr.18B, Vilnius.
The Bank of Lithuania (BL) conducted a targeted scheduled inspection to assess the Bank’s compliance with anti-money laundering and counter-terrorist financing (AML/CTF) prevention requirements. The inspection revealed violations and deficiencies.
The Bank acknowledged the identified violations, submitted a remediation plan, and committed to addressing all legal violations and operational shortcomings identified during the inspection. The Bank also informs that a significant portion of the deficiencies identified by BL have already been remedied, and actions to strengthen AML/CTF prevention procedures are ongoing.
In view of this, the BL accepted the Bank’s proposal to enter into an administrative agreement and imposed the following measures:
- A warning was issued for deficiencies in internal control procedures related to the roles and responsibilities of the Bank’s departments, conflict of interest management, and informing management about relevant AML/CTF risks;
- A fine of EUR 290,000 was imposed for violations and deficiencies related to determining the purpose and intended nature of business relationships with clients, the nature of clients’ activities, enhanced due diligence, and procedures and measures for monitoring business relationships and transactions.
It is emphasized that the Bank has not identified any cases where the deficiencies noted by BL had an impact on its clients or where the Bank was used for AML/CTF purposes.
More information: Mr. Igor Kovalčuk, Member of the Board, Director of Legal and Compliance Service, Deputy Head of Administration. Phone: + 370 686 34122, email: igor.kovalcuk@urbo.lt
