- Contis, part of German BaaS fintech Solaris, fined €840,000 by the Bank of Lithuania.
- Delegated anti-money laundering (AML) measures to distributors without proper control, violating regulations.
- The company failed to verify, assess, and audit distributors’ activities effectively; procedures had “significant weaknesses.”
- Contis identified deficiencies in AML and terrorist financing prevention but allegedly didn’t take timely corrective actions.
- The grouping process for assessing money laundering and terrorist financing risks of customers is termed “deficient.”
- Bank of Lithuania imposes restrictions on establishing relations with new distributors; Contis has until 31 March to address violations.
- Solaris spokesperson mentions working closely with the regulator and implementing measures based on Bank of Lithuania’s recommendations.
