Siauliu Bankas : Šiaulių Bankas files a complaint against a monetary fine imposed by the Bank of Lithuania

Šiaulių Bankas AB, company code 112025254, domicile address Tilžės st. 149, Šiauliai, Lithuania.

The Management Board of Šiaulių Bankas resolved to contest the resolution of the Board of the Bank of Lithuania regarding the calculation and imposition of a sanction (a fine of EUR 880,000) and, for this purpose, files a complaint with the Vilnius Regional Administrative Court.

In 2019 the Bank of Lithuania (BoL) carried out a scheduled inspection of Šiaulių Bankas on credit risk management and compliance with requirements of anti-money laundering and counter terrorist financing (AML/CTF) and passed a resolution obliging Šiaulių Bankas both to remedy violations of legal acts and shortcomings in the field of credit risk management and to eliminate violations and shortcomings in the area of AML/CTF identified by the BoL and imposed a fine of EUR 880,000.

Most of the violations and shortcomings identified by the BoL had been eliminated yet before the findings of the inspection were discussed at the Board of the BoL. 

Šiaulių Bankas has not identified any cases where the violations and shortcomings specified in the BoL inspection report would have been used for money laundering and terrorist financing purposes.

Additional information shall be provided by
Communication specialist
Monika Rožytė, [phone], [e-mail]

© OMX, source OMX