MarketGuard | FAQ | Lithuania

Learn more about how MarketGuard AML compliance software can assist a European VASP and CASP with blockchain transaction monitoring and Travel Rule

Lithuania

The Travel Rule in Lithuania applies to Virtual Asset Service Providers (VASPs) and is aimed at preventing money laundering and terrorist financing. Here are the main highlights of the Travel Rule for VASPs in Lithuania:

Scope

The scope of the Travel Rule in Lithuania is defined in the Law on the Prevention of Money Laundering and Terrorist Financing and should be read in conjunction with guidance provided by the Bank of Lithuania. Virtual asset service providers (VASPs) are subject to the Travel Rule if they provide services that involve the exchange, transfer, safekeeping or administration of virtual assets.

Personally Identifiable Information

When a VASP facilitates a virtual asset transfer, they must share certain customer information with the receiving VASP. This includes Originator's payment account number or virtual asset account number; name of the beneficiary; beneficiary's payment account number or virtual asset account number; originator's address, official personal document number, or date and place of birth; beneficiary's address, official personal document number, or date and place of birth; unique transaction identifier.

Threshold

The Travel Rule threshold in Lithuania is €1,000 per transaction. Starting in January 2025, the EU Transfer of Funds regulation will apply to all EU VASPs. The regulation recommends using a 0 threshold for the Travel Rule regardless of amount or location (inside or outside of the EU). The €1,000 threshold for first-party transactions with self-hosted wallets will still apply.

Enforcement

Lithuanian Virtual Asset Service Providers are supervised by Financial Crime Investigation Service (FIS). The FIS has the power to take enforcement action against VASPs that do not comply with the Travel Rule. This includes imposing fines, revoking licenses, and taking other measures.

Additional requirements

VASPs in Lithuania must maintain records of all transactions involving virtual assets for at least five years. They must also conduct customer due diligence and ongoing monitoring, and report suspicious transactions to the Financial Crime Investigation Service.

Knowledge base