Mano Bankas is strengthening Anti-Money Laundering control

In October-November 2021, the Bank of Lithuania (BoL) carried out a scheduled inspection of Mano Bankas on compliance with requirements of anti-money laundering and counter terrorist financing (AMLCTF).

The Board of the BoL analysed the inspection report and on 20 October 2022 obliged Mano Bankas to rectify the deficiencies identified by the BoL and by 1 April 2022 to submit an independent auditor’s report confirming that the deficiencies have been rectified and that the bank has implemented appropriate and effective AMLCTF prevention measures. Mano bankas was also imposed a fine of EUR 165,000.

An absolute majority of the deficiencies identified by the BoL were rectified without waiting for the end of the inspection. The remediation plan was submitted to the Bank of Lithuania in January and implemented before the Bank of Lithuania decided to impose an impact measure.

It is important to note that BoL has not detected any serious operational flaws that would have a significant impact on the bank’s operations. The fine imposed by the BoL will have no negative impact on Mano Bankas’ operations, future expansion, or service offerings.

We understand the Bank of Lithuania’s focus on the activities of market participants and welcome all the comments made. Strengthening the culture of compliance and improving prevention processes has been one of the Mano Bankas’ constant priorities over the 26 years of operation. We are increasing investments in compliance assurance in the bank every year, and the budget allocated to the compliance function and AMLCTF risk management alone in 2022 will more than double by the end of the year.

Compliance with the law and the expectations of the Bank of Lithuania makes Mano Bankas feel confident and we hope that our clients and business partners will notice the positive change.

Mano Bankas is profitable and meets all the requirement set by the BoL. The bank’s gross operating revenue increased 41% year on year to EUR 3.2 million in the first half of 2022, while unaudited profit increased 101% to EUR 761 thousand.

Related news

Mano Bank has reinforced its Board with two new members

Mano Bank has reinforced its Board with two new members

Upon receipt of the permit of the Bank of Lithuania, two new members joined the Board of Mano Bank – Mrs Giedrė Blazgienė, current CEO of the bank, and Mr Andrius Popovas, CRO.