INVESTMENTS
LITHUANIA: RIDING THE WAVE OF KYC/AML GROWTH As money laundering schemes become increasingly more complex and sophisticated and the volume of such schemes continues to amplify, financial institutions find themselves faced with a number of issues. Firstly, they need to accurately evaluate and mitigate the risks associated with money laundering. Alongside which, they need to implement processes to ensure they become compliant with the anti-money laundering (AML) regulations imposed by regulatory bodies and governments across the globe. While ultimately, they also face the all too real risk of finding themselves designated a sanctioned entity through allegations of intentional participation in, or unintentional facilitation of money laundering.
has emerged as a regional leader in the creation and implementation in AML/KYC solutions, especially within the local GBS sector. And there are a number of reasons why the country has become a natural fit for the field.
THE RIGHT TALENT IN THE RIGHT LOCATION
Firstly, Lithuania’s business environment offers an ever-expanding pool of talent. The long-standing presence of Nordic banks and the arrival of Nasdaq and Moody’s in the last decade, has provided the perfect breeding ground for the kind In this climate of heightened aware- of expertise that is needed to impleness, the need for effective and easily ment complex regulatory processes. implementable AML/KYC solutions Indeed, the importance of compliance has skyrocketed. Staking its claim on processes has been steadily growing in the global compliance stage, Lithuania the local GBS sector over recent years,
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and now accounts for 9% of all functions, ranking 4th place in importance across the entire Lithuanian GBS sector. In terms of current specialists, Lithuania leads the Baltics, with 8,000 risk and compliance professionals already working in the field. Meanwhile, the country’s geographical position as a crossing point between Eastern and Western Europe, as well Scandinavia, means it is perfectly positioned to provide services with a truly international focus. This focus is also reflected in the multi-lingual make-up of the local talent pool, with a 100% penetration of English across the sector, strong presence of German and rising competences of the Nordic languages.
Outsourcing&More | September–October 2020
