Šiaulių Bankas AB, company code 112025254, domicile address: Tilžės str.149, Šiauliai, Lithuania.
Today, the Vilnius Regional Administrative Court in its judgement partially upheld the complaint (application) of Šiaulių Bankas and reduced the fine imposed on the Bank by the Resolution of the Board of the Bank of Lithuania of 20 December 2019 to EUR 440 000.
The case was examined in the Vilnius District Administrative Court after the Supreme Administrative Court of Lithuania, partially satisfying the appeal of Šiaulių Bankas, by its ruling of November 10, 2021, annulled the decision of the Vilnius District Administrative Court of January 12, 2021 and transferred the case to the court of first instance for retrial.
This judgement of the Vilnius Regional Administrative Court will enter into force within 30 days, unless appealed. The Bank is currently assessing the court's reasoning and will decide in the near future whether to appeal against the rejected part of the complaint (appeal).
"We understand the importance of prevention requirements and their impact on the financial system as a whole, and we pay huge attention to them. We also seek to foster cooperation between business and institutions to create maximum value and progress in implementing the requirements of the law. Therefore, taking into account the situation and the actions taken even before the trial, we are pleased that at least part of the Bank's arguments was heard and assessed," said Vytautas Sinius, Chief Executive Officer of Šiaulių Bankas.
Please be reminded that the resolution of the Bank of Lithuania was adopted after the scheduled inspection of Šiaulių Bankas in 2019 for the identified violations and deficiencies in the implementation of the requirements for the anti-money laundering and counter terrorist financing. Šiaulių Bankas eliminated most of the violations and deficiencies identified by the Bank of Lithuania before the results of the inspection were considered by the Board of the Bank of Lithuania, and the remaining deficiencies were eliminated according to the plan agreed with the Bank of Lithuania. Šiaulių Bankas has not identified any cases where the violations and deficiencies specified in the inspection report would have been used for money laundering and terrorist financing purposes. The Bank of Lithuania also had not stated in the resolution that Šiaulių Bankas and /or other persons would have benefited or caused damage to third parties due to the violations.
The fine imposed by the Bank of Lithuania was accounted for in the performance of Šiaulių Bankas in 2019, therefore, regardless of the outcome of the legal proceedings, the fine will not have a negative impact on the sustainable continuity of the Bank's operations.
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Monika Rožytė, +370 686 79234, firstname.lastname@example.org