| Abstract [eng] |
The aim of this thesis is to investigate the problems of money laundering prevention in the Lithuanian fintech sector. By examining scientific literature, documents, laws, and conducting a qualitative study, the thesis aims to substantiate the proposition that Lithuanian fintech companies fail to ensure effective money laundering prevention, partly due to the institutions' deliberate reluctance to comply with strict money laundering prevention requirements in pursuit of higher profits. The analysis revealed that the Lithuanian fintech sector faces significant money laundering prevention problems. The main issues arise from a shortage of human resources and insufficient expertise in the field of money laundering prevention. Many institutions use risky business models and serve high-risk clients, such as cryptocurrency exchanges, but their prevention processes and systems are often ineffective and do not detect signs of money laundering. It is also frequently observed that the interpretation and application of laws and requirements in the sector are ambiguous, and cooperation with the Bank of Lithuania is challenging due to vague and unclear responses to inquiries. Many fintech institutions deliberately ignore money laundering prevention requirements to achieve higher profits, configuring their prevention systems in such a way that they do not detect suspicious activities of profitable clients. Management often pressures employees to violate requirements, threatening dismissal or questioning their competencies. While analyzing the problems through criminological theories, it was found that the rational choice theory explains the conscious decision to adopt high-risk business models and violate money laundering prevention requirements for profit. The differential association theory explains how management pressure forms informal behavioral norms that encourage rule-breaking. |
