AML KYC Lithuania, do you get the same?

[dor]

to all Europeans out there
do you get similar letters from the banks?
how do you respond?

Šiaulių Bankas
2021-06-17 09:51
Dear Customer,

Please note that we have not yet received your response and the requested document, so we are resending the letter dated 2021-06-10:

Dear Customer,

Please be informed that Šiaulių Bankas, implementing the requirements of Article 9 (16) of the Law on Anti-Money Laundering and Counter Terrorist Financing of the Republic of Lithuania, must constantly monitor the Client's business relations and has the right to request the Client to submit documents and / or information confirming the Client's business relationship with the Bank the intended nature and / or other documents and information necessary for the proper fulfilment of the requirements of money laundering and / or terrorist financing prevention and / or other legal acts.

In view of this, please provide the following documents and answer additional questions by 2021-06-27:

1. Please explain your relationship with Lithuania and provide supporting documents (if you live in Lithuania, submit a declaration of residence in Lithuania, not older than 1 month / if you are engaged in any activity in Lithuania - documents confirming activity in Lithuania / if you have real estate ownership documents in Lithuania / marriage certificate with a Lithuanian citizen, etc.).
2. Please explain the purpose for which the account with Šiaulių bankas was opened and is used. Explain the movement of funds in the account.


You can submit documents and answers at any Šiaulių bankas branch, online banking or by replying to this letter at [email protected] . (please submit personal documents via online banking, dokobit program or in any Šiaulių bankas branch)
If you decide to go to a bank branch, we recommend that you register for a visit by phone 1813 or online www.sb.lt

Without the requested documents and answers to the questions, we will not be able to properly monitor your business relations and, taking into account the requirements of the Law on Anti-Money Laundering and Counter Terrorist Financing of the Republic of Lithuania, we will not be able to execute your requests, payment orders or provide other banking services we will also be entitled to terminate the business relationship.

More information on the requirement applicable to customers to provide financial institutions with the information requested is available on the website of the Bank of Lithuania: DUK. The key principle - "Know Your Customer" - is described in detail on the Bank's website: Principas „Pažink savo klientą“.
Link to the Law on Anti-Money Laundering and Counter Terrorist Financing of the Republic of Lithuania https://e-seimas.lrs.lt/portal/lega...odelUUID=bcd415fc-3cad-41de-b805-249ec4c3299a

We hope that you understand the Bank's obligation to implement the requirements of legal acts, therefore we ask for your cooperation in order to continue the business relationship.

Sincerely
Šiaulių bankas

 

[Silvio]

Looks like it's house cleaning time in Lithuanian banks. I guess they got some order from above to clean out all the non-resident accounts...

I would try to answer truthfully, maybe show some invoices\receipts in Lithuania if you have any suppliers\friends in Lithuania but most likely your account will be shut down.

 

[Sols]

Perfectly normal request these days for anyone involved in crypto or other non-standard activities.

Respond fully and truthfully, providing all necessary supporting documents.

 

[John Spectre]

to all Europeans out there

You are not specified that its a non-res account.
It everytime have bigger DD questions.
Also, which country resident/passport holder you are?
This info could answer the questions, without panicking for all people.

And yes, seems that crypto is involved here, so its even luck that non-resident account is still active.

 

[dor]

I am a resident of Lithuania, I log-in via mobile signature
This is a resident's account with zero activity a bit dormant acc and no connection to crypto

 

[newNomad]

Is this about EMIs or regular banks?
EMIs so far no turbulence?

 

[dor]

Dear Customer,

Please note that we have not yet received your response and the requested document, so we are resending the letter dated 2021-06-10:

Dear Customer,

Please be informed that Šiaulių Bankas, implementing the requirements of Article 9 (16) of the Law on Anti-Money Laundering and Counter Terrorist Financing of the Republic of Lithuania, must constantly monitor the Client's business relations and has the right to request the Client to submit documents and / or information confirming the Client's business relationship with the Bank the intended nature and / or other documents and information necessary for the proper fulfilment of the requirements of money laundering and / or terrorist financing prevention and / or other legal acts.

In view of this, please provide the following documents and answer additional questions by 2021-06-27:

1. Please explain your relationship with Lithuania and provide supporting documents (if you live in Lithuania, submit a declaration of residence in Lithuania, not older than 1 month / if you are engaged in any activity in Lithuania - documents confirming activity in Lithuania / if you have real estate ownership documents in Lithuania / marriage certificate with a Lithuanian citizen, etc.).
2. Please explain the purpose for which the account with Šiaulių bankas was opened and is used. Explain the movement of funds in the account.


You can submit documents and answers at any Šiaulių bankas branch, online banking or by replying to this letter at [email protected] . (please submit personal documents via online banking, dokobit program or in any Šiaulių bankas branch)
If you decide to go to a bank branch, we recommend that you register for a visit by phone 1813 or online www.sb.lt

Without the requested documents and answers to the questions, we will not be able to properly monitor your business relations and, taking into account the requirements of the Law on Anti-Money Laundering and Counter Terrorist Financing of the Republic of Lithuania, we will not be able to execute your requests, payment orders or provide other banking services we will also be entitled to terminate the business relationship.

More information on the requirement applicable to customers to provide financial institutions with the information requested is available on the website of the Bank of Lithuania: DUK. The key principle - "Know Your Customer" - is described in detail on the Bank's website: Kliento pažinimo anketa.
Link to the Law on Anti-Money Laundering and Counter Terrorist Financing of the Republic of Lithuania VIII-275 Lietuvos Respublikos pinigų plovimo ir teroristų finansavimo prevencijos įstatymas

We hope that you understand the Bank's obligation to implement the requirements of legal acts, therefore we ask for your cooperation in order to continue the business relationship.

Sincerely
Šiaulių bankas





sent them residence card and proof of address
will see how it goes

entire EU gone ape sheit
lost deutche bank account in spain couple of years ago
and in latvia and estonia
and polish banks wont allow out transfers if non resident - only money in, and not out

EU commissars want you to stay put in one place and not run around spreading the money

last five years really felt uneasy
time to get the hell out of eu and to ukraine and then maybe to asia
Ukraine wants to join EU badly :/

 

[dor]

You are not specified that its a non-res account.
It everytime have bigger DD questions.
Also, which country resident/passport holder you are?
This info could answer the questions, without panicking for all people.

And yes, seems that crypto is involved here, so its even luck that non-resident account is still active.

non doms get asked yearly
citizens once in 3 years

 

[backpacker]

time to get the hell out of eu and to ukraine and then maybe to asia

Do not think that it is much easier in Asia. More often than not you will wish to receive another KYC request from Šiaulių bankas instead of dealing with rather obscure and illogical questions from a compliance officer in SE Asia.

And when it comes to crypto the solution is to "unbank yourself": Legacy banks will make it increasingly difficult to transfer between crypto and fiat in order to scare ordinary people away from crypto. So, better forget about such a link. Instead, try to capitalize on new products like crypto linked payment cards (VISA/MasterCard) which give you the opportunity to use the fiat system by avoiding legacy banks.

 

[dor]

Cool idea.

How to link stablecoins with a debit card?

What illogical questions did you mean?
Show us examples please

 

[backpacker]

How to link stablecoins with a debit card?

Example: BlockFi (linked to BTC). It is up to you to do the fine tuning between BTC and a stablecoin. Point in mentioning it is to find a solution to circumvent unnecessary transfers between legacy banks and crypto.

What illogical questions did you mean?

Example: Retiree lives in the country for >15years. Bank has documents on record. Bank knows that the customer receives a pension from a former local employer. Still, Bank insists on a letter from local immigration authorities that reasons why retired foreigner lives in the country.