Lithuanian Financial Intelligence Arm Lists Several Crypto Firms as New AML Violators The Financial Intelligence Unit (FNTT) of Lithuania
has released a new list of anti-money laundering (AML) violators, featuring several crypto service providers in the country.
Lithuania is fast becoming
a significant player in the European digital asset market, with its progressive approach to the asset class. The country launched a new regulation for Virtual Asset Service Providers
(VASPs), early this year, which saw an increased influx of crypto-related businesses.
The list, released Wednesday,
included crypto firms in the country and financial firms, believed to have breached the AML regulation. The law provides a framework that stipulates the mandatory requirements of financial institutions
and businesses to monitor, detect, prevent and report illegal activities.
The regulation required companies
to collect, evaluate, and submit all necessary information related to suspicious transactions, frauds and other signs of money laundering to Lithuania’s Financial Crimes Investigation Service
(FCIS).
Additionally, the registered digital asset firms
operating in the country must employ a full-time AML compliance officer, who is qualified for the role.
