Discussion in the Lithuanian Parliament: how to manage Fintech risks?

25/11/2019

To open Fintech Inn week Fintech Hub LT whose active member is ECOVIS ProventusLaw, initiated Discussion “Financial technologies in Lithuania: possibilities and risks”, in Lithuanian Parlament:

During the event Titas Budrys from Fintech Hub LT explained why Fintech companies choose to get a license in Lithuania. Marius Jurgilas from the Bank of Lithuania presented the whole specter of risk management measures that can be used for sustainable development of Fintech companies. Mindaugas Petrauskas, Deputy Director of Financial Crime Investigations Services, shared real life money laundering and terrorist financing cases that Lithuanian Fintech sector faced. A discussion of all attendees followed afterwards.

3 takeaways from the discussion of our Partners, Attorneys at Law Inga Karulaitytė and Loreta Andziulytė:

– There is a correspondent banking crisis in the Baltic region and the Bank of Lithuania is looking for other ways for financial sector to have access to various currencies.

– Most risk to the financial sector is posed by unregulated cryptocurrencies exchange.

– There is a lack of experienced financial, AML and operations specialists, therefore competence center as a result of public-private partnership will be established to close the gap.