MLRO (Money Laundering Reporting Officer) plays a pivotal role in the development and stability of the crypto related business, ensuring compliance with norms and rules for anti-money laundering (AML) and counter-terrorism financing (CFT). Given that cryptocurrencies and other virtual assets can serve as potential vehicles for illicit financial activity, particular attention within a Lithuanian crypto company should be devoted to ensuring transparency in crypto transactions and adhering to AML legislation.
AML/CFT for Crypto-business in Lithuania
Being a member of the European Union, Lithuania adheres to all EU directives on anti-money laundering (AML) and effectively integrates recommendations from international organizations like FATF or MONEYVAL. These standards were devised to prevent the global financial system from being exploited for money laundering or terrorist financing. One of the stipulations outlined in international standards and recommendations is the mandatory requirement for every crypto company to onboard a qualified AML specialist in their team to mitigate AML/CFT risks.
MLRO IN LITHUANIAN CRYPTO COMPANY
Is a local Compliance Officer mandatory for a crypto exchange in Lithuania?
Having a competent MLRO among the permanent residents of Lithuania is a prerequisite for obtaining a crypto license in Lithuania and ensuring proper operation of the crypto exchange service. One of the primary duties of a Compliance Officer in a Lithuanian blockchain project is tracking cryptocurrency transactions and communicating with the regulatory body FNTT.
FINDING AN MLRO IN LITHUANIA
HR services and search for a Compliance Officer for a Lithuanian crypto company
Our team offers services in finding, training, and employing MLROs or Compliance Officers for Lithuanian blockchain projects and crypto exchanges. To date, we have successfully onboarded competent MLROs for dozens of blockchain initiatives and crypto startups operating within the legal framework of the Lithuanian Republic.
Recruiting a Lithuanian AML officer
In the process of sourcing an AML specialist, in addition to professional and personal qualities as well as hands-on experience in AML/CFT, we pay special attention to the conditions and criteria specified by the client, ensuring we propose a potential candidate who integrates most efficiently into the crypto company’s structure.
If your Lithuanian crypto company or blockchain project requires qualified assistance in finding a competent MLRO or Compliance Officer—do not hesitate to reach out to our consultants and HR specialists.
We will take on the responsibility of searching for proficient AML specialists for your crypto project, and also offer professional assistance in adapting internal AML/KYC processes in compliance with all the requirements of Lithuanian legislation and recommendations of the FNTT regulator.