The Vilnius Regional Administrative Court partially upheld the complaint of Šiaulių bankas and reduced the fine imposed on the Šiaulių bankas by the Board of the Bank of Lithuania from EUR 880,000 to EUR 440,000.
On 6 August 2019, the Bank of Lithuania imposed a fine of EUR 880,000 on Šiaulių bankas. It was found that during the inspected period, the bank did not adequately assess the risks of money laundering and terrorist financing related to its activities, failed to implement an appropriate method of determining customer risk.
Based on the principle of proportionality and taking into account the fact that Šiaulių bankas ensured procedures for the execution of processes in case of many of the identified violations (but in some cases minor procedural violations were committed), moreover, since the bank actively cooperated with the Bank of Lithuania and sought to eliminate the shortcomings, the Vilnius Regional Administrative Court decided that there is a basis for a reduction of the imposed fine to EUR 440,000.
This judgement of the Vilnius Regional Administrative Court will enter into force within 30 days, unless appealed.
The client was represented by Partner Žygimantas Stankevičius, Senior Associate dr. Tadas Varapnickas and Associate Eglė Masytė.