The Center of Excellence in Anti-Money Laundering is the first public-private sector partnership in Europe to operate as a separate institution. By pooling the experience, knowledge, and competencies of law enforcement, supervisory, and other public authorities and private sector representatives, they are creating a safer financial system in Lithuania.
ConnectPay has joined The Money Laundering Centre of Excellence, becoming the first non-bank institution to join the Centre. This marks an important milestone in strengthening public-private cooperation in efforts against money laundering and terrorist financing.
By joining the Centre, established by the Bank of Lithuania, the Ministry of Finance, and commercial banks, ConnectPay commits to actively participate in its activities, sharing its expertise and experience to ensure effective prevention of money laundering and terrorist financing and smooth implementation of sanctions.
“This spring, we opened the doors of the Centre to financial market participants licensed in Lithuania, marking a crucial step toward enhancing the country’s resilience against money laundering, terrorist financing, and potential sanctions evasion threats. We believe that ConnectPay becoming the first non-banking institution will further strengthen public-private cooperation in financial crime prevention,” said Eglė Lukošienė, Director of the Centre of Excellence for Anti-Money Laundering.”
ConnectPay will strengthen the Centre’s capacity to identify and manage risks related to financial crime and contribute to a safer and more transparent financial system in Lithuania.
“We’re very proud to become the first non-bank payment service provider to join The Center of Excellence in Anti-Money Laundering. This is a significant milestone for our entire team, reflecting the effectiveness of our risk management approach and reinforcing our commitment to the highest AML/CFT standards.
With a focused client portfolio, we can apply tailored controls for each customer, gaining unique risk management insights that are often unattainable with a broader client base. Through our active participation in the Centre, we aim to share our expertise, further strengthen risk identification and management methodologies, and contribute to building a more robust prevention system for the entire financial market,” stated Marius Galdikas, CEO of ConnectPay.
All the members are invited to participate in the Anti-Money Laundering, Sanctions Enforcement, Fraud Prevention, Information Exchange Project and other working groups coordinated by the Centre. Membership of the Centre also provides financial sector companies with the opportunity to participate in specific training courses and to contribute to other public-private cooperation projects.
Overall, members contribute to the security of the financial system and share best practices with other partners, with the aim to develop and implement higher standards of anti-money laundering.
Find out more about the Center and its activities on their website: The Center of Excellence in Anti-Money Laundering
