On October 21, the AML Summit brought together regulators, policymakers, and industry leaders united by a single mission: ensuring finance remains clean, transparent, and trustworthy.
This year, TEGOS once again participated in the summit. Associate Partner Evelina Tumakova-Kuzmič took the stage to speak on “From Policy to Practice: Legal Challenges Behind Sanctions,” sharing her insights on the practical legal considerations and challenges organizations face when implementing sanctions frameworks.
Main highlights from her presentation:
- EU sanctions transition periods only apply if agreements are signed before the deadline and include all key details like parties, price, quantity, and delivery terms.
- Payment service providers can reduce sanctions risk in acquiring by monitoring merchants, transaction regions, and using available technical and client-sourced data despite limited access to cardholder information.
- Lithuania’s national sanctions may restrict goods – like certain agricultural products from Russia or Belarus – even if they’re allowed under EU rules, so verifying origin and payment details is essential.
The event was organised by Verslo žinios.
