Lithuania Cryptocurrency Compliance Officer Services

Compliance officer services for Lithuania cryptocurrency license 

Lithuania cryptocurrency license compliance officer services are a necessity, especially as the nation continues to enhance its status as a leading European hub for digital asset businesses. Lithuania grew from just 9 crypto companies in 2020, to over 850 by the end of 2022, making it the second largest jurisdiction in the EU for registered crypto-asset companies. Recent regulatory changes clearing the excess business will ultimately condense the sector, with approximately 540 licensed companies today, this demonstrates Lithuania’s commitment to a high compliance standard, resulting in a more secure environment for investors. 

• Under changing Lithuania cryptocurrency compliance obligations, every company must identify a compliance or AML officer to oversee their obligations complying with anti-money laundering (AML) and counter-terrorist financing (CTF) laws. The overall regulatory initiative is also clear in the steps for Lithuania company registration, which requires companies to put in place companies’ internal compliance frameworks from the start. 

• Tetra Consultants recognizes the difficulty of identifying a qualified compliance officer for Lithuania cryptocurrency license, and the position it holds within registration. We assist our clients with every aspect of registering company in Lithuania, ensuring your company complies with legal obligations. With our support, clients benefit from seamless licensing, continuous compliance monitoring, and peace of mind in one of Europe’s most progressive crypto markets. 

Benefits of appointing Lithuania cryptocurrency compliance officer services

Ensure regulatory compliance 

• A compliance officer will support your cryptocurrency business in keeping up with all current law and regulations in Lithuania, especially those regulations focused on anti-money laundering and anti-terrorist financing laws, preventing you from incurring potential costly fines and legal issues and keeping your company licensed and in a good position with the regulators. 

Simplify company setup 

• Compliance officer will help with the preparation, assembly, and reviewing of any documents required when you register your company in Lithuania. Doing this effectively will minimize potential mistakes in registration and reduce any needless delays, leading to a smoother and quicker process to legally commence your crypto activities. 

Detect suspicious activity 

• Compliance officers will implement procedures to vet customers properly and monitor all transactions. Appropriately vetting customers and formally verifying transactions will allow the compliance officer to promptly detect and investigate suspicious or illegal activities like fraud or money laundry, which, if identified early enough, could preserve your business’s reputation and avoid potential penalties posed by the regulators. 

Keep policies updated 

• Regulations are constantly changing. The compliance officer regularly reviews and revises your company’s policies and procedures to make sure they align with the latest laws helping your company stay in compliance in an ever-changing crypto landscape. 

Build credibility 

• Banks and investors prefer companies that are compliant. Generally, when there is a compliance officer, your company’s credibility increases, which makes it easier to build trust and meet financial objectives that are necessary for your growth. 

Get legal guidance 

• Regulations in cryptocurrency can be difficult to navigate and constantly changing. The compliance officer helps give recommendations on how your business models and operations can change due to compliance obligations, thus avoiding mistakes and keeping up with the regulators. 

Promote transparency 

• To create trust requires transparency. The compliance officer does this for your business through open communication and reporting with clients, partners and regulators, resulting in a better reputation and better relationships because of long-term practices in a crypto setting. 

Who should appoint Lithuania cryptocurrency compliance officer services?

Virtual Asset Service Providers (VASPs) 

• Companies, or branches of companies, established in Lithuania providing services that include virtual currency exchange or virtual currency wallet services must have a compliance officer who is charged with administering AML (Anti-Money Laundering) and CTF (Counter-Terrorism Financing) requirements and must be appointed within 7 days of the date in which the Lithuanian Register of Legal Entities is notified when commencing such activities. 

Crypto Asset Service Providers (CASPs) 

• Any entity engaged in cryptocurrency activities that fall under Lithuania’s AML laws must designate a dedicated compliance/AML officer whose responsibility is to ensure the entity or company is complying with internal control policies and regulatory requirements. Such an officer must be appointed or designated and must be agreed upon with the Financial Crime Investigation Service. 

Licensed cryptocurrency licensed companies 

• Companies that either apply for or have a cryptocurrency license in Lithuania are obliged to appoint a local compliance or AML officer by law. This officer will oversee ensuring compliance with an entity’s own AML or CFT policies, transactions that require monitoring (including anonymous transactions), customer due diligence, and reporting to regulatory authorities. 

Branches of foreign crypto or financial institutions 

• Branches of foreign credit institutions or foreign entities that provide crypto services in the territory of Lithuania will also need to appoint a compliance officer as a point of contact with Lithuanian authorities and to ensure compliance with local AML/CFT laws. 

Eligibility for Lithuania cryptocurrency compliance officer services 

• Must have the requisite knowledge of Lithuania’s AML and CTF laws and regulations. 

• Should have relevant experience in compliance, risk management, or legal roles within financial businesses or the crypto sector. 

• Must be an EU resident or a citizen authorized to reside and work in Lithuania. 

• Should be a person of integrity, trustworthy, and able to carry out compliance-related duties independently. 

• It would be preferable if you possess certifications or training in anti-money laundering, compliance, or financial regulations. 

• Must keep up to date with evolving regulations and standards regarding cryptocurrency. 

• Must be approved or viewed favorably by the Lithuanian Financial Crime Investigation Service (FCIS). 

Lithuania cryptocurrency compliance officer assistance 

• Our compliance officers are Certified Anti-Money Laundering Specialists (CAMS) and Certified Crypto Asset AFC Specialists (CCAS), each with over five years of specialized experience in the crypto and financial services industries. They have extensive knowledge of Lithuania’s legal and regulatory framework for virtual asset service providers, including the Law on the Prevention of Money Laundering and Terrorist Financing and the guidelines provided by the FCIS.  

• We will make sure your VASP has compliance under control. This means, structural AML/CFT systems are implemented, managing regulatory reporting and communications, and the businesses compliance function is being run by skilled professionals who are serious about integrity and acting in alignment with regulatory standards. 

Services offered by Tetra Consultants Lithuania cryptocurrency compliance officer services

• Full compliance with the context of regulations, guidelines and requirements as follows: 
  • Lithuanian AML/CFT Law 
  • EU AML directives (AMLD5, AMLD6) 
  • Sanctions regulations (EU and UN) 
  • Scheduled MiCA requirements, if applicable 

• Act as the primary point of contact for Financial Crime Investigation Service (FCIS) and, when needed, the Bank of Lithuania. 

• Facilitate registration of the VASP with the Lithuanian Centre of Registers and keep track of all changes (UBOs, directors and activities). 

• Design, implement and maintain a risk-based AML/CFT program based on the nature and scale of the crypto business. 

• Oversee Customer Due Diligence (CDD/KYC) and Enhanced Due Diligence (EDD) processes. 

• Monitor all virtual assets and fiat transactions to detect suspicious behavior. 

• Screen transactions against sanctions lists and PEPs (politically exposed persons). 

• Investigate any unusual activity and complete Suspicious Transaction Reports (STRs) to the FCIS, which is Lithuania’s Financial Intelligence Unit (FIU). 

• Maintain records of STRs and have procedures in place for staff to escalate alerts internally. 

• Report to senior management and/or the Board on compliance risks, compliance breaches and compliance improvements. 

• Prepare Compliance Monitoring Plans and maintain them. 

• Execute Enterprise-Wide Risk Assessments (EWRA) that evaluate: 
  • Client risk (both jurisdiction, behavior, profile) 
  • Product/service risk (custody, tokens, DeFi) 
  • Risk of delivery channel (API, exchanges, OTC) 

• Review/update risk assessments at least annually, or upon material business changes. 

• Implement AML/CFT training for all employees at least annually. 

• Keep records of all training.  

• Ensure onboarding compliance training takes place for new employees. 

• Be honest and cooperative when FCIS or any other supervisory body request audits or inspections. 

• Comply with any request for information or documentation from the FIU or any law enforcement authorities. 

• Stay one step ahead of any evolving regulatory expectations particularly when MiCA is phased in. 

Steps for appointment of Lithuania cryptocurrency compliance officer