Baltics

Lithuania Announces New KYC Guidelines for Gaming Operators

Published

5 years ago

October 7, 2020

Niji Narayan

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Lithuanian authorities have published new know-your-customer (KYC) guidelines for gaming operators.

The Ministry of Finance’s Gambling Supervision Service said the guidelines outline the factors that gambling and lottery companies should take into account when assessing relationships and transactions to reduce the risk of involvement in money laundering and terrorist financing.

Operators must check all registrations to inspect whether a client is politically vulnerable or resident in a country deemed high-risk by the European Commission.

The guidelines state: “The company should try to get as much information as possible from the client. 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.”

The guidelines aim to bring the gambling sector into compliance with the Prevention of Money Laundering and Terrorist Financing Act.

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Niji Narayan

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.