Contis fined €840,000 in Lithuania, in part for delegation but weak control of AML/CFT

Contis, part of the German banking-as-a-service fintech Solaris, must pay a €840,000 penalty after the Bank of Lithuania found it had breached anti-money laundering/counter financing of terrorism, as well as information security and business continuity risk management obligations, between 2021 and 2022.

Contis, part of the German banking-as-a-service fintech Solaris, must pay a €840,000 penalty after the Bank of Lithuania found it had breached anti-money laundering/counter financing of terrorism (AML/CFT), as well as information security and business continuity risk management obligations, between 2021 and 2022. [1]