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AML/CFT workshop, Tallinn, 2009

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AML/CFT workshop, Tallinn, 2009

  1. 1. AML/CFT development since introduction of the 3 rd EU AML Directive 5-6 of November, 2009 Tallinn
  2. 2. Regulatory AML/CFT framework
  3. 3. Law of the Republic of Lithuania on the Prevention of Money Laundering and Terrorist Financing
  4. 4. Resolutions of the Government of the Republic of Lithuania
  5. 5. Other legal acts (e.g. Law on Commercial Banks of Lithuania)
  6. 6. Group AML/CFT requirements
  7. 7. Controlling institutions
  8. 8. The Bank of Lithuania
  9. 9. The Financial Crime Investigation Service (aka FIU)
  10. 10. The Securities Commission of the Republic of Lithuania
  11. 11. Insurance Supervisory Commission of the Republic of Lithuania
  12. 12. What are key AML/CFT requirements ?
  13. 13. Identification of beneficial owner
  14. 14. P olitically E xposed P erson?
  15. 15. Customer risk scoring
  16. 16. Monitoring of cash operations
  17. 17. Screening against sanction lists
  18. 18. Keeping the Register on transactions and regularly submitting it to FIU
  19. 19. Reporting SAR/STR to FIU
  20. 20. Regular AML/CFT training for staff
  21. 21. Brief overview of AML/CFT efforts
  22. 22. KYC due diligence (Beneficial Owner, PEP)
  23. 23. High risk customers’ adoption committee
  24. 24. New Products’ Approval Committee
  25. 25. Screening against designated sanction lists
  26. 26. Automated monitoring of financial transactions in order to identify suspicious activities
  27. 27. Class room/e-training for staff
  28. 28. Main AML/CFT challenges
  29. 29. Staff ’s reluctance to ask inconvenient questions
  30. 30. Dissatisfied and irate customers
  31. 31. Identification of beneficial owners
  32. 32. Due diligence of foreign nationals
  33. 33. Feedback from FIU
  34. 34. Intricacies of automated monitoring systems
  35. 35. Exchange of information about blacklisted customers
  36. 36. Thank you for your attention !

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