The Bank of Lithuania has recently revised its rules governing agreements with BIC holders, aimed at reinforcing compliance and integrity within the financial system.
According to the amended rules, the BIC holders cannot be participants of TARGET system if in the last 24 months they, their managers, beneficial owners were subject to restrictive measures for non-compliance with AML/CTF, fraud prevention and/or sanctions implementation requirements. BIC holders will have to provide confirmation of supervisory authority issued not later than within three months to prove that no restrictive measures are currently applied or ongoing investigations carrier out.
Additionally, BIC holders must provide evidence of compliance with AML/CTF, fraud prevention, and sanctions implementation requirements. They are now required to submit an audit report, issued no more than six months ago, to demonstrate their adherence.
The amended rules also include a new right of the BoL to hold formal meetings between its representative and the BIC holder, during which potential problems arising in the activities of the BIC holder and affecting the stability, reliability or reputation of the System are discussed.
Contact us if you need any assistance with complying with the latest BoL requirements, including performance of independent audit.