Lithuanian authorities have published new know-your-customer (KYC) guidelines for gaming operators.
The Ministry of Finance’s Gambling Supervision Service said the guidelines outline the factors that gambling and lottery companies should take into account when assessing relationships and transactions to reduce the risk of involvement in money laundering and terrorist financing.
Operators must check all registrations to inspect whether a client is politically vulnerable or resident in a country deemed high-risk by the European Commission.
The guidelines state: “The company should try to get as much information as possible from the client. Such information should be collected prudently and efforts should be made to verify the information provided by the client.
“All information provided by the client must be confidential and carefully protected in accordance with the law and the company’s procedures.”
The guidelines aim to bring the gambling sector into compliance with the Prevention of Money Laundering and Terrorist Financing Act.