Tuesday, March 5, 2024

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Contis hit with €840,000 fine by Bank of Lithuania

  • 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.

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