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The bank announced this on Thursday via the Vilnius Nasdaq Stock Exchange.
“Šiaulių bankas, after evaluating the arguments of the court of first instance, requests a more in-depth examination of the dispute, for which he has lodged an appeal with the Supreme Administrative Court of Lithuania, requesting the annulment of the decision of the court of first instance, “the report said.
On 12 January, the Vilnius Regional Administrative Court rejected Šiaulių bankas’s complaint as unfounded.
Šiaulių bankas ensures that most of the breaches and deficiencies of the anti-money laundering and terrorist financing requirements identified by the Bank of Lithuania were remedied by the Bank before the Bank of Lithuania’s Board of Directors considered the results of the inspection.
“Šiaulių bankas has not identified any case in which Šiaulių bankas is used for the purposes of money laundering and terrorist financing due to the breaches and deficiencies identified in the inspection report. Nor did the Bank of Lithuania state in the resolution that, due to the violations committed, Šiaulių bankas or other persons would have benefited or caused harm to third parties, ”says Šiaulių bankas.
According to the bank, the fine was accounted for in the performance results of Šiaulių bankas in 2019, therefore, regardless of the outcome of the court proceedings, the fine will not have a negative impact on the sustainable continuity of the bank’s operations.
As previously announced by the Bank of Lithuania, the Inspection revealed that during the period under review the Bank did not adequately assess the money laundering and terrorist financing risks related to its activities, nor did it implement an adequate method of assessing customer risks. Cases in which the bank incorrectly identified the customer’s beneficiary, failed to ensure the collection of sufficient customer identification information to reveal the purpose and nature of the customer’s business relationship, did not have adequate procedures to determine whether the customer did not is a politically vulnerable person, does not fail to ensure the proper implementation of continuous payment to the customer of the operations monitoring process, employee training organization.
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