Welcome back to the exclusive interview series from the Fintech Landscape in Lithuania 2022-2023 Report. In our third installment, Eimantas Vytuvis, CAMS, Director of the Center of Excellence in Anti-Money Laundering, reveals how Lithuania continues to forge a more robust anti-money laundering (AML) framework.
Compliance and AML specialists are some of the most in-demand for Fintechs. What initiatives is the Center of Excellence in Anti-Money Laundering undertaking to expand the talent pool of these specialists?
In 2022, the Center of Excellence in Anti-Money Laundering, together with the Ministry of Finance and Mykolas Romeris University, signed a memorandum for establishing and implementing a new AML certification programme. By building this programme, Lithuania took another step towards becoming a competency hub for money laundering prevention in Europe.
The programme will help students and those willing to improve their AML skills enter the job market and solve the current shortage of money laundering prevention specialists. The first cohort of 35 students started the course in November 2022. The programme lasts nine weeks and consists of 52 hours of theory and 103 hours of independent work.
Those who successfully complete the programme will receive a Certificate in AML. We expect to continue this programme, and in the future, we plan to create a new Certification programme for senior managers.
According to our survey, Compliance & Regtech is an area where Lithuania has the potential to become a leader. What are the main achievements in Compliance and AML that should be celebrated?
The overall state of Compliance and AML in Lithuania is worth celebrating. It is not a coincidence that Lithuania is continuously ranked among the top countries for AML. This is a collective achievement of Banking, Fintech, Regtech, and other sectors in Lithuania contributing to a common goal – fighting financial crime.
Countries worldwide continue to sanction Russia, and other associated countries, in condemnation of its war in Ukraine. What advice could you give to new Fintechs who are building their product in such a complex global environment?
First, follow and comply with relevant national and global regulations. Regulatory and particularly sanctions frameworks have never been as dynamic as today. This brings new challenges to all financial sectors, including Fintech. We also advise companies to continuously invest in appropriate and timely control systems. This includes technological solutions and adequate and proportional level of employees’ expertise.
Full Story and Full Report available here.
August 2023 June 2023 May 2023 April 2023 March 2023 February 2023 January 2023 December 2022 November 2022 August 2022 July 2022 May 2022 February 2022 January 2022 December 2021 October 2021 August 2021 July 2021 June 2021 May 2021 April 2021 March 2021 February 2021 January 2021 December 2020 November 2020 October 2020 August 2020 July 2020 May 2020 April 2020 March 2020 February 2020 January 2020 December 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019 March 2019 December 2018 November 2018 October 2018 September 2018 August 2018 March 2018 January 2018 December 2017 November 2017 October 2017 September 2017
11th annual CEE Business Services Awards
Build it or Buy It?: Outsourcing in Poland and Central Eastern Europe
BSC Directors VIP WineTastings, June-September 2023
BSC Charity Beach Volleyball Tournaments - June and August 2023