„Lewben Group“ – an international provider of business and wealth management solutions, will now provide a Regulatory Risk, Compliance and AML services for the Lithuanian market. According to Vilius Kavaliauskas – CEO of „Lewben Group“– the company recognized a demand for law compliance services while analyzing global compliance strengthening tendencies for private business, especially in the money laundering prevention field. This service became extremely important in light of proposed changes in Lithuania’s Money Laundering and Terrorist Financing Prevention Act.

„Regulation demands are becoming increasingly stricter globally. Once legal changes will come into force in the end of June, even wider range of Lithuanian businesses will be obliged to dedicate much more attention and resources for compliance. Not doing so might cause significant financial and reputation losses. “ – says V. Kavaliauskas.

For startups or businesses who recently fell into the regulation area „Lewben Group“ provides full Regulatory Risk, Compliance and AML service package which includes designing and implementing of AML/CTF policy and procedures, control processes, selection of suitable IT vendors and outsourcing of further compliance procedure maintenance. The client is introduced to applicable regulation, consulted on how to implement complicated requirements, adapt them to business specifics, special training sessions are being organized for staff and management.

For businesses who already have the AML/CTF policy and program in place and dedicated compliance officer, „Lewben Group“ offers to independently review the AML/CTF program and assess the effectiveness of controls. The in-house personnel cannot perform this assessment on its own due to independency requirement. „Lewben Group“ can also perform AML/CTF risk assessment, consult on ways to improve existing control procedures and remediate weaknesses.

Toma Zaržeckytė Director of Compliance Services says that with new law in force companies, management and even shareholders are to face heavy fines for incompliance. Management and owners of financial institutions risk receiving a fine up to € 5,1 million, the fine issued for managers of non – financial bodies can go up to to €1,1 million or more. The main issue for companies will be meeting all statutory requirements and still remain effective, focusing most of their attention and resources on business development.

“Regulatory institutions are facing a lack of recourses, this is why they cannot provide all proactive help that is necessary to private sector, such as targeted trainings, sharing of best – practice examples and recommendations for the sector they supervise. Businesses will have to act proactively, find additional resources, seek trustworthy partners for consultations and improve their internal procedures. “ – asserts Toma Zaržeckytė.