The Top 10  Most Difficult Countries for Identity Verification

The Top 10  Most Difficult Countries for Identity Verification

Download Report

Lithuanian Government Approves Amendment to Strengthen Digital Currency Regulations

lithuanian govt

Lithuania is on the verge of becoming the first country in Europe to pass strict laws on digital currencies. It aims to prevent Russia from evading the sanction in the market.

The Lithuanian MoF (Ministry of Finance) announced the approval of the government proposed in the draft law for the “Prevention of Money Laundering and Terrorist Financing.” The proposals in the law include complete user identity verification and a ban on anonymous accounts. The approval also places the new obligatory measures on the exchange of digital currencies. This includes having the nominal capital amount of no less than 125,000 euros i.e $130877.

The exchanges in Lithuania are also required to register as corporate bodies and are must-have top executives in the country. As the MoF states, these amendments will help increase the transparency of digital assets such as cryptocurrencies and NFTs in the market.

The finance minister of Lithuania, Gintarė Skaistė stated that the amendments are parallel with the laws and regulations prepared by the European Union (EU). She added that this will help in the sustainability of the European market. 

Gintarė Skaistė stated: “The proposed changes will ensure greater transparency and higher quality standards in the sector, contributing to the sustainable integration of the cryptographic asset segment into the country’s wider Fintech ecosystem,”

She also added that the today’s geopolitical environment will be a plus for the proposals of the digital currency regulations, “we must ensure that no attempt is made to circumvent Western sanctions on Russia by using cryptographic assets,”

The law was proposed in close coordination with the Financial Crime Investigation Service (FNTT) of Lithuania, Bank of Lithuania (LB). The Ministry of the Interior and the Money Laundering Prevention Competence Center were also involved in the conjunction of the law.

The law still needs to undergo the processing of Seimas, the unicameral parliament of Lithuania. The ministry of finance is confident to see the implementation of several amendments by 2023.

At the present moment in Lithuania, there are over 250 digital asset firms operating in the nation of 2.8 million people. When the country started to inquire about the transactions, there were several transactions that were reported as used for AML/CFT purposes worth over 1000 euros.

Suggested Read: FinCEN Says Russia Cannot Evade Sanctions with Crypto

Related Posts

News

Swiss Govt. to Amend Banking Act for Press Freedom in Finance Sector

The Swiss Government has signaled to amend the banking act for press freedom in the finance secto...

Swiss Govt. to Amend Banking Act for Press Freedom in Finance Sector Explore More

News

AMLC Reports Steady Rise in Phishing and Hacking Attacks in the Philippines

The Anti Money Laundering Council (AMLC) has reported a steady rise in phishing and hacking attac...

AMLC Reports Steady Rise in Phishing and Hacking Attacks in the Philippines Explore More

News

Shufti introduces react native app for customer convenience

Recently, Shufti launched its react native app for enhanced customer convenience. Shufti ...

Shufti introduces react native app for customer convenience Explore More

News

Shufti’s Age Verification Solution Approved by KJM

Germany’s Commission for media, Kommission für Jugendmedienschutz (KJM), has approved Shufti’...

Shufti’s Age Verification Solution Approved by KJM Explore More

News

The Commodity Futures Trading Commission to Regulate the Crypto Market with “Full Oversight Capabilities”

The chairman of the CFTC discussed that his agency would regulate the crypto market.  Digital Com...

The Commodity Futures Trading Commission to Regulate the Crypto Market with “Full Oversight Capabilities” Explore More

News

Crypto Exchange BKEX Freezes Withdrawals Under Money Laundering Investigation

BKEX withdrawals were suspended after funds on its platform were used to launder money, according...

Crypto Exchange BKEX Freezes Withdrawals Under Money Laundering Investigation Explore More

News

Gibraltar financial watchdog issues warnings for four crypto sites

The Gibraltar Financial Services Commission, or GFSC, on June 5th, issued four public warnings to...

Gibraltar financial watchdog issues warnings for four crypto sites Explore More

News

France to Test Digital Currency in the First Quarter of 2020

The digital currency race is building up and every country wants to take part in it. Now, Banque ...

France to Test Digital Currency in the First Quarter of 2020 Explore More

News

UK’s Decision to Dump the GDPR Raises Concerns for Online Gambling Sector

The UK is facing financial turbulence because of changing its way from participating in European ...

UK’s Decision to Dump the GDPR Raises Concerns for Online Gambling Sector Explore More

News

Ukraine Passes Anti-Money Laundering Law based on FATF

The Government of Ukraine has passed the final version of a money laundering law based on the gui...

Ukraine Passes Anti-Money Laundering Law based on FATF Explore More

News

US Treasury Department Issues AML Study for the Art Market

The US Treasury Department Issues anti-money laundering (AML) study for the art market, aiming to...

US Treasury Department Issues AML Study for the Art Market Explore More

News

EU Parliament to Consider Black-Listing Switzerland After Credit Suisse Leaks

The European Parliament’s main political group called for a review of Switzerland’s banking pract...

EU Parliament to Consider Black-Listing Switzerland After Credit Suisse Leaks Explore More

News

AUSTRAC New Risk Assessment Report on Banking Sector Warns Brokers of High ML/TF Risk

The brokers knowingly allowed the loans to be repaid with illicit funds, states the report.  AUST...

AUSTRAC New Risk Assessment Report on Banking Sector Warns Brokers of High ML/TF Risk Explore More

News

FirstBank of Nigeria Continues Commitment to Combating Money Laundering

Chief Executive Officer of the First Bank Group of Nigeria Limited, Dr. Adesola Adeduntan, noted ...

FirstBank of Nigeria Continues Commitment to Combating Money Laundering Explore More

News

Botswana Passes New Cryptocurrency Bill, Aiming to Curb Money Laundering

Another African country, Botswana has taken a significant step towards regulating cryptocurrency ...

Botswana Passes New Cryptocurrency Bill, Aiming to Curb Money Laundering Explore More

News

The UK’s Joint Money Laundering Steering Group Amends Crypto Asset Travel Rule

The UK’s Joint Money Laundering Steering Group (JMLSG) amended the Money laundering and Terrorist...

The UK’s Joint Money Laundering Steering Group Amends Crypto Asset Travel Rule Explore More

News

Central Bank of Nigeria (CBN) Gives Financial Institutions 30 day Deadline to Close Accounts Without Bank Verification (BVN)

Financial institutions and banks have been given a 30 days notice period by the Central Bank of N...

Central Bank of Nigeria (CBN) Gives Financial Institutions 30 day Deadline to Close Accounts Without Bank Verification (BVN) Explore More

News

Property Brokers in New Zealand Given Official Warning over AML/CFT Compliance

An eighty-branch real estate agency in New Zealand, Property Brokers, has received their first fo...

Property Brokers in New Zealand Given Official Warning over AML/CFT Compliance Explore More

News

Amazon Challenges Pentagon’s $10 Billion Contract To Microsoft

Amazon said on Thursday, that it is going to challenge a $10 billion contract awarded to Microsof...

Amazon Challenges Pentagon’s $10 Billion Contract To Microsoft Explore More

News

U.S Congress Suspects the Use of Bitcoin to Fund Domestic Terrorism

U.S Congress subcommittee worries that Bitcoin might have been used in funding the Capitol revolt...

U.S Congress Suspects the Use of Bitcoin to Fund Domestic Terrorism Explore More

News

Uganda at Risk of Getting Blacklisted by FATF Unless it Addresses 16 Issues

Uganda is facing the risk of being added to a global blacklist for money laundering and terrorism...

Uganda at Risk of Getting Blacklisted by FATF Unless it Addresses 16 Issues Explore More

News

Georgia’s Voting Infrastructure Becomes the First Ransomware Target in 2020 Elections

The US voting system was under a ransomware attack earlier in October. The rumours are true and G...

Georgia’s Voting Infrastructure Becomes the First Ransomware Target in 2020 Elections Explore More

News

CBUAE Introduces New Program to Boost Digital Transformation in Financial Services

UAE Central Bank has introduced a program that includes a new digital currency, open finance and ...

CBUAE Introduces New Program to Boost Digital Transformation in Financial Services Explore More

News

Money Laundering in Ireland Skyrockets as Criminals Move Online

The cases of money laundering in Ireland has more than doubled last year and now it has spiked si...

Money Laundering in Ireland Skyrockets as Criminals Move Online Explore More

News

Jamaica Plans Digital Marketplace to Trigger CBDC Adoption

Jamaica Observer reported that the CBDC project would improve performance metrics related to JAM-...

Jamaica Plans Digital Marketplace to Trigger CBDC Adoption Explore More

News

Lithuanian Government Approves Amendment to Strengthen Digital Currency Regulations

Lithuania is on the verge of becoming the first country in Europe to pass strict laws on digital ...

Lithuanian Government Approves Amendment to Strengthen Digital Currency Regulations Explore More

News

KYC/AML and Sanctions fines reach $5.6 billion mid-year for global financial institutions

The leading provider of digital transformation and client lifecycle management (CLM) solution, Fe...

KYC/AML and Sanctions fines reach $5.6 billion mid-year for global financial institutions Explore More

News

UKGC Revoked IMME’s Licence for AML Non-compliance

Licence of IMME was revoked by the UK Gambling Commission for not complying with the Anti-Money L...

UKGC Revoked IMME’s Licence for AML Non-compliance Explore More

News

Ransomware Targets Outdated Microsoft Excel Macros to Deploy Attacks

Microsoft Security Intelligence notified users of a type of ransomware, called Avaddon, that uses...

Ransomware Targets Outdated Microsoft Excel Macros to Deploy Attacks Explore More

News

The third man involved in ID theft scheme and money laundering is sentenced to jail

Minnesota man among the three criminals involved ID theft scheme and money laundering has finally...

The third man involved in ID theft scheme and money laundering is sentenced to jail Explore More

News

Austrac Warns of Money Laundering Risks Unless More Prosecutions are Conducted

Austrac has warned the law enforcement agencies in Australia that they must conduct more money la...

Austrac Warns of Money Laundering Risks Unless More Prosecutions are Conducted Explore More

News

US Attorneys Probe into Binance Money Laundering Violations

US federal prosecutors have reportedly issued subpoenas to several hedge funds connected with Bin...

US Attorneys Probe into Binance Money Laundering Violations Explore More

News

UAE: Virtual Asset Fraudsters to Face Imprisonment, Dh 1M Fine

Residents in the UAE have been advised to perform due diligence procedures prior to investing in ...

UAE: Virtual Asset Fraudsters to Face Imprisonment, Dh 1M Fine Explore More

News

Hong Kong’s SFC Plans to Regulate Digital Asset Trading Platforms

Hong Kong’s Securities and Future Commission has proposed strict rules for digital asset exchange...

Hong Kong’s SFC Plans to Regulate Digital Asset Trading Platforms Explore More

News

Hong Kong Amends AML/CTF Laws to Include Crypto Exchanges

Hong Kong’s legislative council has amended its Anti Money Laundering and  Countering Terrorist F...

Hong Kong Amends AML/CTF Laws to Include Crypto Exchanges Explore More

News

Legal Challenges Against TikTok for Breaching Child Privacy Policy

TikTok, the most trending social media application in the present times is facing legal actions f...

Legal Challenges Against TikTok for Breaching Child Privacy Policy Explore More

News

Cyber Crime Spreads in Australia as COVID-19 Pushes More People Online

The Australian Cyber Security Center (ACSC) revealed that they received one cybercrime report eve...

Cyber Crime Spreads in Australia as COVID-19 Pushes More People Online Explore More

News

U.S. SEC chair nominated to regulate crypto oversight

William Barr, United States Attorney General announced that President Trump is likely to task Jay...

U.S. SEC chair nominated to regulate crypto oversight Explore More

News

USD 10.4 Billion Paid by Financial Groups in 2020 in Regulatory Fines

Know Your Customer and Anti-money Laundering non-compliance penalties rose 26% this year. Many pr...

USD 10.4 Billion Paid by Financial Groups in 2020 in Regulatory Fines Explore More

News

Emirates Delegation of Anti-Money Laundering and Counter-Terrorism Financing Visits US

The Emirates Executive Office of Money Laundering and Counter-Terrorism Financing visited Washing...

Emirates Delegation of Anti-Money Laundering and Counter-Terrorism Financing Visits US Explore More

News

European Parliament Members Adopt New Recommendations to fight Tax Fraud and Money Laundering

The parliament members adopted a comprehensive set of regulations stemming from the previous reco...

European Parliament Members Adopt New Recommendations to fight Tax Fraud and Money Laundering Explore More

News

OSCE Hosts Regional Conference on Combating Money Laundering and Terrorist Financing in South-Eastern Europe

The chairperson of the OSCE for North Macedonia addressed issues of corruption, money laundering,...

OSCE Hosts Regional Conference on Combating Money Laundering and Terrorist Financing in South-Eastern Europe Explore More

News

Identity Thieves on the Hunt for Universal Credit Payments

The UK’s Department for Work and Pension (DWP) has been warning people for not repaying for the b...

Identity Thieves on the Hunt for Universal Credit Payments Explore More

News

Australian Law Council Reports Reveals Risks in Legal Attorney’s AML Measures

The Australian Law Council revealed a report that shows loopholes in attorneys’ compliance ...

Australian Law Council Reports Reveals Risks in Legal Attorney’s AML Measures Explore More

News

UAE Banks Asked to Strengthen their AML/CFT Measures

UAE financial institutions and the banks are required to prioritize eliminating money laundering ...

UAE Banks Asked to Strengthen their AML/CFT Measures Explore More

News

FIU Recovers $284K From Two Companies Suspected of Money Laundering and Tax Evasion

The Financial Intelligence Unit of Liberia (FIUL) has recovered more than $284,000 from two compa...

FIU Recovers $284K From Two Companies Suspected of Money Laundering and Tax Evasion Explore More

News

US Senator Warns ‘a Run on Crypto’ May Need Federal Bailout

Elizabeth Warren, US Senator and a longtime bitcoin skeptic has shared her views about the upside...

US Senator Warns ‘a Run on Crypto’ May Need Federal Bailout Explore More

News

CSSF Imposed a €226,000 Fine on Maitland Over AML Compliance Failure

Maitland Luxembourg SA received a penalty of €226,000 over anti-money laundering and customer due...

CSSF Imposed a €226,000 Fine on Maitland Over AML Compliance Failure Explore More

News

AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations

The Association of Accounting Technicians (AAT) warned the UK government that reforming Anti-Mone...

AAT Warns UK Businesses are Vulnerable to Money Laundering Threat After Reforming AML Regulations Explore More

News

American Gaming Association Updates Best Practices for AML

The American Gaming Association (AGA) has released updated “Best Practices for Anti-Money Launder...

American Gaming Association Updates Best Practices for AML Explore More

News

UAE central bank alerts about fraud attempts related to Coronavirus epidemic

Bank customers are warned of potential fraud by the UAE Central Bank. According to the bank, “Fra...

UAE central bank alerts about fraud attempts related to Coronavirus epidemic Explore More

News

MAS Finalises New Data-sharing Platforms for the Banking Sector

MAS has developed a new platform that will allow banks to securely share information and warn eac...

MAS Finalises New Data-sharing Platforms for the Banking Sector Explore More

News

Half of Anti-malware Products fail to Recognize Notable Threats

According to a new report by SE labs, Most popular, well-established cybersecurity solutions do n...

Half of Anti-malware Products fail to Recognize Notable Threats Explore More

News

Money Laundering Watchdog Fines HSBC for AML Violations

HSBC Malta has been fined €82,000 by Financial Intelligence Analysis Unit (FIAU) for AML violatio...

Money Laundering Watchdog Fines HSBC for AML Violations Explore More

News

MFSA Tightens Financial Regulations for Lawyers, Auditors, and Accountants

Professionals in Malta, lawyers, accountants, and auditors, etc. are resisting the new rules that...

MFSA Tightens Financial Regulations for Lawyers, Auditors, and Accountants Explore More

News

EU Sets a New Limit on Cash Transactions to Curb Financial Crimes

The EU countries have signed an agreement according to which the crypto-service providers must co...

EU Sets a New Limit on Cash Transactions to Curb Financial Crimes Explore More

News

ECB Will Be Launching Digital Euro Project

An electronic equivalent of banknotes and coins, the digital euro will likely be a digital wallet...

ECB Will Be Launching Digital Euro Project Explore More

News

Saudi Arabia has Achieved Another Victory in the Battle Against Financial Crimes

Saudi authorities seized $1.06 million from a criminal gang accused of money laundering. The culp...

Saudi Arabia has Achieved Another Victory in the Battle Against Financial Crimes Explore More

News

FINMA Penalizes Swiss Bank over Money Laundering of $78 Million

The Swiss regulatory authority, FINMA, initiated a lawsuit against the senior management at Juliu...

FINMA Penalizes Swiss Bank over Money Laundering of $78 Million Explore More

News

Visa: CBDC is the most important trend in payments

According to Visa’s Head of Crypto, Central Bank Digital Currencies, or CBDC, seems to be one of ...

Visa: CBDC is the most important trend in payments Explore More

News

Japan’s FSA Deems Crypto Dealers Necessary for Ongoing AML Efforts

Japan’s federal regulatory authority FSA lays ground for anti money laundering requirements for c...

Japan’s FSA Deems Crypto Dealers Necessary for Ongoing AML Efforts Explore More

News

Turkey to Ban Cryptocurrency Payments to Avoid Financial Crime

The Central Bank of Turkey is to ban the use of cryptocurrency payments by 30th April. This initi...

Turkey to Ban Cryptocurrency Payments to Avoid Financial Crime Explore More

News

The Rise of FinTech Services can Spur Financial Risk: Says U.S. Bank Regulator

According to the US bank regulator, banks and the fintech alliance for a seamless customer experi...

The Rise of FinTech Services can Spur Financial Risk: Says U.S. Bank Regulator Explore More

News

The US and UK Strengthen Ties Regarding Crypto Regulations, Says British Regulator

The Top British regulator FCA reported that the US and UK are strengthening ties on crypto regula...

The US and UK Strengthen Ties Regarding Crypto Regulations, Says British Regulator Explore More

News

European Banking Authority Issues Latest Regulations on Crypto Travel Rules

The European Banking Authority (EBA) announced the new consultation process to implement the cryp...

European Banking Authority Issues Latest Regulations on Crypto Travel Rules Explore More

News

US Authorities Government Announce Limitations to Crypto Industry to Combat Money Laundering

The US officials stated they will limit cryptocurrency firms’ operation in the country if t...

US Authorities Government Announce Limitations to Crypto Industry to Combat Money Laundering Explore More

News

Regulators Seize First Republic Bank and Sell a Portion of Assets to JPMorgan

Regulators seized First Republic Bank and sold a portion of its assets to JPMorgan Chase. This is...

Regulators Seize First Republic Bank and Sell a Portion of Assets to JPMorgan Explore More

News

US Sanctions Crypto Mixer Sinbad Over Connections to North Korea

The FBI and the Dutch Financial Intelligence and Investigation Service have a crackdown on virtua...

US Sanctions Crypto Mixer Sinbad Over Connections to North Korea Explore More

News

UAE: Virtual Asset Fraudsters to Face Imprisonment, Dh 1M Fine

Residents in the UAE have been advised to perform due diligence procedures prior to investing in ...

UAE: Virtual Asset Fraudsters to Face Imprisonment, Dh 1M Fine Explore More

News

EU Parliament Approves More Stringent Rules to Combat Money Laundering and Terrorist Financing

The latest EU Parliament vote approves the formation of a new anti-money laundering authority and...

EU Parliament Approves More Stringent Rules to Combat Money Laundering and Terrorist Financing Explore More

News

HKMA Issues Mandate to Encourage Innovation in AML/CFT

Hong Kong’s Monetary Authority is set to launch interactive lab sessions to experiment with innov...

HKMA Issues Mandate to Encourage Innovation in AML/CFT Explore More

News

Equifax Survey shows Britain Prefers Biometric Verification

Credit reporting agency, Equifax, reports that Brits are much more open to adopting biometric aut...

Equifax Survey shows Britain Prefers Biometric Verification Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started