A new set of gambling controls has been proposed to the Seimas, which includes new checks and duties to be carried out by all banks (foreign and domestic) licensed by the Bank of Lithuania.
The new controls will require Lithuanian banks to monitor all gambling transactions and provide direct reports to the LPT, the Gambling Control Authority of Lithuania.
Banks must comply with the new duties to ensure that payments to illegal gambling websites registered on the Gambling Control Authority’s blacklist are blocked.
Payments to illegal operators must be terminated within 24 hours of receiving a directive, with fines ranging from €1,800 to €3,800 for initial violations and up to €6,000 for repeat offences.
The LPT supports applying direct controls on banks as the best measure to monitor black market activities, having already banned 1,600 websites ..
