News

How Financial Market Participants Can Improve Their AML/CFT Compliance?

New instructions for financial market participants aimed at preventing money laundering and terrorist financing will...

How Financial Institutions Can Succeed in Keeping Track of the Sanctions Landscape, Avoiding Fines and Reputation Damage?

The Bank of Lithuania has issued instructions for fintechs on the implementation of international sanctions...

Compensation for Employees Whose Work is of a Mobile Nature is abolished

From 1st June 2023, the transition period ends and abolishes the compensation for employees whose...

From Risk to Resilience: ECOVIS ProventusLaw’s Solutions for FCIS Inspections and AML/CTF Compliance

Lithuania’s Financial Crime Investigation Service (FCIS) has been actively conducting inspections on companies to ensure...

Why Fintech Companies Need Internal Audit?

There is no secret that financial institutions, including fintech companies, need to perform internal audit....

MiCa approved: Will Legal Certainty Drive Investment in Crypto?

With the EU Parliament’s approval of the MiCA regulation some argue that the future of...

The Bank of Lithuania Fined Two EMIs for AML/CTF Violations: What Can We Learn?

In March of 2023, the Bank of Lithuania fined two electronic money institutions for non-compliance...

Amendments to the Laws Related to Sanctions: What’s New?

In March of 2023, The Parliament of the Republic of Lithuania adopted amendments to the...

Why Should IT Companies take Sanctions Compliance Very Seriously? The Case of Microsoft

US Treasury Department and Microsoft reached a settlement over the tech firm’s apparent violations of...

Guidelines on the processing of employees’ personal data published

The State Data Protection Inspectorate (SDPI) has published guidelines on the processing of employees’ personal...

Lithuania Passed National Sanctions on Russian, Belarusian Citizens

The Parliament of the Republic of Lithuania adopted the Law on Restrictive Measures in the...

Focus Areas of the State Data Protection Inspectorate in 2023

The State Data Protection Inspectorate (SDPI) has published its inspection and monitoring plan for 2023....

Beyond ESG Compliance: Leveraging CSRD Reporting for Business Growth

Ecovis ProventusLaw, in collaboration with Ecovis Germany and the German-Baltic Chamber of Commerce in Estonia,...

Improper Fulfillment of Data Subject Rights Continues to Bring Fines to European Data Controllers and 5th Monthly Review of GDPR Fines

The shortest month of the year did not have a shortage of fines issued for...

Traces of Sanctions Evasion in Birių Krovinių Terminalas

On February 20, 2023, the Center of Investigative Journalism Siena released an investigation revealing that...