Skailenga UAB is fully committed to complying with all applicable laws and regulations on the prevention of money laundering and terrorist financing, including the EU Anti-Money Laundering Directives (AMLDs), the Markets in Crypto-Assets Regulation (MiCA) (Regulation (EU) 2023/1114), and the Law on the Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania. Where relevant, Skailenga also ensures compliance with the Digital Operational Resilience Act (DORA) (Regulation (EU) 2022/2554) in relation to ICT risk and incident management.
Transactions with Cryptocurrencies involve various risks, including the risk of money laundering and terrorist financing. For this reason, Skailenga has implemented Anti-Money Laundering and Counter Terrorist Financing Compliance Guidelines (‘Guidelines’) and undertakes measures for the prevention of Money Laundering and Terrorist Financing. Skailenga also performs regular risk assessments of its business model, clients, products, delivery channels, and jurisdictions, ensuring that AML measures are applied proportionately.
Beneficial Owner is a natural person who ultimately owns or controls a legal entity through direct or indirect ownership of more than 25% of shares or voting rights, or otherwise exercises control over the management. In the case of a trust or similar legal arrangement, the Beneficial Owner includes the settlor, trustee(s), protector (if any), beneficiaries or class of beneficiaries, and any other person exercising ultimate control.
Money Laundering (ML) is the concealment of the
origins of illicit funds through their introduction into
the legal economic system and transactions that appear
to be legitimate.
There are three recognized stages in the Money Laundering
process:
- placement, which involves placing the proceeds of crime into the financial system;
- layering, which involves converting the proceeds of crime into another form and creating complex layers of financial transactions to disguise the audit trail and the source and ownership of funds;
- integration, which involves placing the laundered proceeds back into the economy to create the perception of legitimacy.
Terrorist Financing (TF) is the financing and supporting of an act of terrorism and commissioning thereof as well as the financing and supporting of travel for the purpose of terrorism in the meaning of applicable legislation.
Customer due diligence (CDD) measures
are required for verifying the identity of a
new or existing User as a well-performing risk-based
ongoing monitoring of the business relationship
with the User. Skailenga takes various measures
during and after the KYC verification, which
consist of 3 levels, including simplified and
enhanced due diligence measures, which will be
implied by Skailenga in accordance with the identified
risk level of the User.
Skailenga will identify the User, their representative
(incl. their right of representation), as well
as any other connected persons, where relevant.
For this, Skailenga may collect and retain from
the User various documents and data for the following
purposes:
- identification of the User, who is a natural person (the User, who is natural person, cannot use a representative in the course of business relationship or occasional transaction with Skailenga);
- identification of the User, who is a legal entity;
- identification of the User's representative and their right of representation (incl. the nature and scope of the right of representation of the User);
- identification of the User's Beneficial Owner;
- identification, whether the User, the Beneficial Owner of the User or the representative of this User is a politically exposed person, their family member or close associate or if the User has become such a person;
- understanding the purpose and nature of the establishing business relationship or performing transaction;
- monitoring of the business relationship (incl. updating the documents and data collected during the KYC verification, screening and monitoring of the transactions of the User concluded during the business relationship, identification of the source and origin of the funds used in the transaction).
Skailenga does not establish or maintain the business relationship and does not perform the transaction if:
- Skailenga is not able to take and perform any of required CDD measures;
- Skailenga has any suspicions that Skailenga’s services or transaction will be used for Money Laundering or Terrorist Financing;
- the User which capital consists of bearer shares or other bearer securities;
- the User who is a natural person behind whom is another, Beneficial Owner, wants to establish the business relationship (suspicion that a front person is used);
- the risk level of the User or of the transaction does not comply with Skailenga's risk appetite.
Sanctions are an essential tool of foreign
policy aimed at supporting the maintenance or
restoration of peace, international security,
democracy and the rule of law, following human
rights and international law or achieving other
objectives of the United Nations Charter or the
common foreign and security Policy of the European
Union.
Upon the entry into force, amendment or termination
of sanctions, Skailenga will verify whether the
User, the Beneficial Owner or a person who is
planning to have the business relationship or
transaction with them is a subject of Sanctions.
When identifying the subject of the Sanctions,
Skailenga will identify the measures that are
taken to Sanction this person in order to take
appropriate measures against such person.
Skailenga is subject to reporting obligation, where the supervisory authority (FCIS) must be notified of circumstances, where:
- Skailenga has established that the User is carrying out a suspicious transaction;
- Skailenga knows or suspects that assets of any value are obtained directly or indirectly from criminal activity or participation in such activity;
- the daily value of transaction(s) is equal to or exceeds EUR 15,000 or the equivalent amount in foreign or Cryptocurrency, regardless of whether the transaction is concluded in one or more related monetary transactions.
Skailenga is prohibited to inform a person, its Beneficial Owner, representative or third party about a report submitted on them to the relevant regulatory authority, a plan to submit such a report or the occurrence of reporting as well as about a precept made by the relevant regulatory authority or about the commencement of criminal proceedings. All suspicious activity reports (SARs) are submitted to the Financial Crime Investigation Service (FCIS) without undue delay by the designated MLRO (Money Laundering Reporting Officer). Staff are trained to escalate concerns internally as part of a clear escalation protocol.
Skailenga collects documents and data about the User and their transactions and other activities during and after the KYC verification, in the course of monitoring the business relationship (also incl. any instances, where Skailenga was not able to implement CDD and circumstances of the termination of a business relationship). Such shall be retained for 8 years after the expiry of the business relationship or the completion transaction. The data related to the performance of the reporting obligation must be retained for 5 years after the performance of the reporting obligation. The correspondence of a business relationship with the User must be retained for 5 years from the date of termination of transactions or business relationship.
Skailenga conducts periodic internal reviews and audits of AML processes and controls. These are performed by the Compliance Officer or other designated internal audit personnel to ensure the effectiveness of the AML Guidelines and to implement necessary improvements.
By using our services, you agree to fully cooperate with our AML procedures and provide any requested documentation in a timely manner. Failure to do so may result in the restriction or termination of your access to our services.
We reserve the right to update our AML policy to ensure ongoing compliance with evolving regulatory requirements under Markets in Crypto-Assets Regulation (MiCA) (Regulation (EU) 2023/1114), Regulation (EU) 2022/2554 (DORA), the EU Anti-Money Laundering Directives (AMLDs), and the Law on the Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania.
Skailenga UAB applies a risk-based approach (RBA) to AML/CFT, assessing and mitigating risks arising from customers, products, delivery channels, and geographies.