Decision of the Court regarding a fine imposed on Šiaulių bankas

Šiaulių Bankas AB, company code 112025254, domicile address: Tilžės str.149, Šiauliai, Lithuania.

Today, the Supreme Administrative Court of Lithuania by its decision upheld the of the Vilnius Regional Administrative Court reducing the fine imposed on the Bank by the resolution of the Board of the Bank of Lithuania of 20 December 2019 to EUR 440,000.

The case was pending before the Court of Appeal following the appeals, brought by both parties of the dispute. The decision is not subject to appeal and takes effect from the date of its adoption, therefore, the fine will be paid without delay.

Please be reminded that the resolution of the Bank of Lithuania was adopted after the scheduled inspection of Šiaulių Bankas in 2019 for the identified violations and deficiencies in the implementation of the requirements for the anti-money laundering and counter terrorist financing. Šiaulių Bankas eliminated most of the violations and deficiencies identified by the Bank of Lithuania before the results of the inspection were considered by the Board of the Bank of Lithuania, and the remaining deficiencies were eliminated according to the plan agreed with the Bank of Lithuania. Šiaulių Bankas has not identified any cases where the violations and deficiencies specified in the inspection report would have been used for money laundering and terrorist financing purposes. The Bank of Lithuania also had not stated in the resolution that Šiaulių Bankas and /or other persons would have benefited or caused damage to third parties due to the violations.

The fine imposed by the Bank of Lithuania was accounted for in the performance of Šiaulių Bankas in 2019, therefore, regardless of the outcome of the legal proceedings, the fine will not have a negative impact on the sustainable continuity of the Bank's operations.

Additional information shall be provided by

Communication group leader

Monika Rožytė, ,