After the inspection of the Bank of Lithuania, sanctions were imposed on Šiaulių Bankas

Šiaulių Bankas AB, company code 112025254, the address Tilžės st. 149, LT-76348 Šiauliai, Lithuania.

The Bank of Lithuania (BoL) carried out a scheduled inspection of Šiaulių Bankas on credit risk management and compliance with requirements of anti-money laundering and counter terrorist financing (AMLCTF). After examining the inspection report, the Board of the Bank of Lithuania passed a resolution which obligated Šiaulių Bankas to remedy breaches of legislation and deficiencies in the field of credit risk management,  eliminate breaches and deficiencies identified  by the BoL in the field of AMLCTF requirement implementation and imposed a penalty of EUR 880 thousand.  

Most of the breaches and deficiencies identified by the BoL had been eliminated before the inspection findings were discussed by the Board of the BoL. Šiaulių Bankas continues its scheduled targeted actions to strengthen the area of AMLCTF which have been started even before the inspection.

Šiaulių Bankas has not detected any cases where breaches and deficiencies identified in the BoL inspection report would have been used for money laundering and terrorist financing purposes.

Additional information:

Communication specialist

Monika Rožytė, ,