In Lithuania about 110.000 legal entities – two-thirds of those who had obligation – have not provided data about their final beneficiaries to the Information System of Beneficial Owners (JANGIS). Banks do not apply restrictions to them yet, but the problems may arise for those who want to become a new client of the bank. In the opinion of legal experts, this position of the banks doesn’t violate the law.
The business news portal vz.lt published an article “It’s not as scary as it seems for those legal entities who haven’t provide data to Register (JANGIS) about their final beneficial owners – they do not remain without banking services”, in which Marius Grajauskas, Managing Partner of LEADELL Balčiūnas and Grajauskas law firm, commented about the information, risks and exceptions of JANGIS.
You can find the full article (only in Lithuanian language) here.
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