New Strict KYC Rules in Lithuania

Discussion in 'Casino Industry Buzz and Terms Alerts' started by MissExposé, Oct 8, 2020.


    MissExposé Well-Known Member Staff Member

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    Sep 18, 2018
    A series of strict new know-you-customer guidelines for gaming operators are published in Lithuania because the gaming sector was recognized as an easy target for money laundering. The Gambling Supervision Service said the guidelines outline the factors that should be taken into account by gambling and lottery companies. They are published to make the gambling sector compliant with the country’s Law on the Prevention of Money Laundering and Terrorist Financing.

    Guidelines contain the steps that operators must take if their client is considered a politically vulnerable or high-risk person. Customers must be divided into risk groups according to the various criteria.

    According to the guidelines: “The company should try to get as much information as possible from the client. However, such information should be collected prudently and efforts should be made to verify the information provided by the client. All information provided by the client must be confidential and carefully protected in accordance with the law and the company's procedures.”


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