The number of reports on suspicious transactions jumped 2.5-fold in Lithuania in the first nine months of this year compared to the same period last year, the country’s Financial Crime Investigation Service (FNTT) said on November 21.
Most of these reports – almost 94% – were received from financial institutions, electronic financial institutions, as well as other payment institutions, according to FNTT.
Compared to the same period last year, virtual currency exchange operators reported 70 times more suspicious monetary operations or transactions this year.
“Currently, 788 virtual currency exchange operators operate in Lithuania, and the rapid growth in their number has led to a significant increase in the number of reports on suspicious transactions,” said Rolandas Kiskis, head of FNTT.
“FNTT officers are carefully assessing the information provided by companies in this sector. Half of the reports submitted have been subject to additional analysis,” he added.
The number of reports received from commercial banks also increased almost 1.8 times in the first nine months of this year. Other entities, such as specialised banks, car dealers, unions and notaries, required by law to report suspicious transactions, also submitted almost 2.3 times more reports during the same period.
The number of reports received from foreign financial intelligence units also rose slightly. According to FNTT, the number of reports on funds suspended in accounts increased 2.3-fold. This year, the amount of suspended funds reached more than 131 million euros, up four times from the same period last year.
Under the existing law, if financial institutions and other entities discover that their customers are carrying out suspicious monetary operations or transactions, they must suspend them, regardless of the amount involved.
Exceptions only apply when it is objectively impossible to do so due to the nature of the transaction. (LRT/Business World Magazine)