With a reference to the targeted inspection of internal anti-money laundering and counter-terrorist financing (AML/CTF) controls executed by the Bank of Lithuania and following press release informing of identified shortcomings and respective imposement of 120 000 EUR penalty for VIALET (Via Payments UAB) holding the electronic money institution license issued by the Bank of Lithuania, VIALET confirms the elimination of identified deficiencies, as well as its intention to intensify cooperation with the Bank of Lithuania with an aim to build sustainable business environment by strengthening AML/CTF applied within the company.
VIALET has been operating as a licensed electronic money institution (license No. 16) since 2017 applying its core values – transparency and compliance – in building customer-oriented and sustainable business operations. Following industry regulator requirements, VIALET has undergone an anti-money laundering prevention related inspection taking place from January 1, 2018, to September 30, 2019. Although inspection identified some shortcomings in applying AML/CTF practices resulting in industry-wise low fine, with a reference to the report carried out by the Bank of Lithuania, VIALET emphasises that indicated deficiencies were rectified prior to the final decision of the Supervisory Service of the Bank of Lithuania, and the regulator concluded the process with no foreseen action plan for VIALET that once again confirms the willingness of the company to cooperate and maintain its business practices within the shortest possible time.
Following the inspection report and guidelines provided by the Bank of Lithuania, VIALET once again confirms its readiness to carry out a long-term strategy in adopting proposed improvements and cooperating with the regulator to improve its AML processes, as well as contributing to sustainable development of the finance industry.
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