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On the sanction imposed on Medicinos Bankas

·1-min read

Medicinos Bankas UAB (“Bank”), registration number 112027077, registered seat address: Pamėnkalnio 40, LT-01114 Vilnius, Lithuania.

Medicinos Bankas hereby informs that the Bank of Lithuania (BL) has carried out a planned inspection of the Bank’s compliance with the procedures for the prevention of money laundering and terrorist financing (ML/TF). After reviewing the inspection report, the Board of the Bank of Lithuania stated and adopted a resolution that the Bank did not ensure adequate internal control procedures related to the implementation of international financial sanctions, and, therefore, obliged the Bank to correct the deficiencies identified in the field of the AML/TF prevention requirements, and imposed a penalty of EUR 300,000 on the Bank.

The Bank informs that a significant part of the deficiencies identified by the BL were corrected before the results of the inspection were discussed by the BL Board. The Bank also informs that it is continuing the actions to strengthen its procedures for the prevention of ML/TF, which were initiated prior to the examination by the BL.

Medicinos Bankas has not identified any cases where the weaknesses identified by the BL have affected the Bank’s clients or the Bank has been used for the purposes of ML/TF.

More information: Mr. Igor Kovalčuk, Member of the Board, Director of Legal and Compliance Service, Deputy Head of Administration Phone: + 370 686 34122, email: igor.kovalcuk@medbank.lt



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