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Big win in court representing the largest Lithuanian capital bank Šiaulių bankas in three-year-long proceedings regarding the imposition of the biggest AML fine in the banking sector

30.12.2022 Big win in court representing the largest Lithuanian capital bank Šiaulių bankas in three-year-long proceedings regarding the imposition of the biggest AML fine in the banking sector

TGS Baltic attorneys Žygimantas Stankevičius, Tadas Varapnickas and assistant attorney Eglė Masytė successfully defended the interests of Šiaulių bankas in an administrative case against the Bank of Lithuania regarding a fine imposed by the Bank of Lithuania.

On 20 December 2019, the Bank of Lithuania imposed a fine of EUR 880,000 on Šiaulių bankas for alleged violations of AML/CFT requirements.

By its ruling on 28 December 2022 the Supreme Administrative Court of Lithuania upheld the judgement of the Vilnius Regional Administrative Court by which it found that the Bank of Lithuania had unreasonably established part of the violations and had reduced the fine imposed on Šiaulių bankas by the Board of the Bank of Lithuania from EUR 880,000 to EUR 440,000.

The case was pending before the Supreme Administrative Court following the appeals brought by both parties to the dispute. The ruling of the Supreme Administrative Court is final and takes effect on the date of its adoption.

Read more: Decision of the Court regarding a fine imposed on Šiaulių bankas

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