GlobalNetint Invests in Strengthening Internal Control and Risk Management

Since mid-2020, the Bank of Lithuania has performed a targeted inspection and verification of the company, which included the implementation of capital, protection of customer funds, and prevention of money laundering and terrorist financing.

 

Following this inspection, the Bank of Lithuania imposed a fine of EUR 350,000 on the company for the identified past shortcomings.

 

The institution was allowed to continue providing financial services to all existing customers, limiting only the servicing of customers from the target territories, according to the Ministry of Finance of the Republic of Lithuania, until the company receives a separate resolution of the Bank of Lithuania.

 

The institution emphasizes that the decision of the Bank of Lithuania will not have a negative impact on the sustainability of the institution's activities and its planned development.

Moreover, GlobalNetint has assessed that most of the identified deficiencies were eliminated prior to the decision of the Bank of Lithuania.

Lastly, the institution's consistent investment in technological and human resources ensures that shortcomings are not to be repeated and that all operational requirements are fully implemented. Between 2020 and 2021, the institution invested EUR 1.2 million in strengthening systems, automating processes, and attracting and retaining qualified competent specialists. As particular attention is paid to the professional development of existing employees and team development.

 

Liudvikas Kulikauskas, General Manager of Globalnetint, spoke for the Bank of Lithuania inspection at a press release:
 

"It is quite natural that the Financial Supervisory Authority of the Bank of Lithuania has decided to carry out an inspection of the institution - GlobalNetInt is one of the fastest growing financial market participants in Lithuania in terms of both the number of customers acquired and retained, and the turnover. The regulator places extremely high demands on all areas of compliance, and our goal, since the establishment of the institution, is to better understand and meet these changing requirements. All working in hand to become an example in this area with even more innovative solutions, and with the help of large investments, where already planned and ongoing investments account for more than 20% of annual turnover. We are grateful to the Bank of Lithuania for its close cooperation, which has helped us to pay more attention to areas for improvement and to prioritize actions."

Business

is assigned if the company or individual business is EEA based and the business activity is related to:

• E-Commerce trading
• Retail trading
• Taxi/Buss services
• Accomodation (hotels) services
• Restaurants and bars

• Import/export
• Handcrafting
• Manufacturing
• Agroculture

Business
Plus

is assigned to all clients who do not match 'Business' requirements and the business activity is related but not limited to:***

• Media, Affiliates
• Online Advertising
• Marketing
• Accountancy
• Legal or notary practice

• Tax advisors and accountants
• IT development

• Intermediary services
• Precious/rare metals
• Jewelery and arts
• Audit services
• Delivery of future services including airlines
• Travel agencies and hotel bookings
• Logistics

Business
Exclusive

is assigned to all clients who do not match 'Business' and 'Business Plus' and the business activity is related but not limited to:

• Forex
• Activities involving gambling
• Casino games
• Lottery
• Crypto-related

• PSP
• Financial services

• Money transfer services
• Insurance
• Real Estate
• Well known dating sites
• Adult services (sale of goods, websites, etc.).

 

*** Explanations: The ultimate and final decision on the assigned category lies with GlobalNetint. The criteria indicated above to determine the category in the majority of the cases, but not always.

Major currencies:
AUD, CAD, CHF, EUR, GBP, JPY, NOK, NZD, USD


Minor currencies:
RUB, ZAR, THB, SGD, HKD, HUF, ILS, MXN, PLN, AED, KRW, RWF, BBD, BDT, BGN, BHD, CZK, DKK, FJD, GHS, HRK, INR, JOD, KWD, LKR, MAD, MUR, MWK, OMR, QAR, RON, SAR, TRY, TWD, TZS, UGX

 

Exotic currencies:
BRL, CLP, COP, BWP, JMD, KES, LSL, MGA, CNY, ARS, IDR, MYR, MZN, NAD, NPR, PEN, PGK, PHP, PKR, SLL, TND, TTD, VND, XAF, XCD, XOF, ZMW, UYU


Amendments in pricelist: Pricing and service description that Globalnetint, UAB provides is subject to change and company is not obligated to inform customers regards to updated description. Customers of Globalnetint, UAB are strongly advised to check prices placed publicly on official website http://www.globalnetint.com before ordering services. 
 

** If you are interested in receiving incoming SWIFT transactions in any of the above listed currencies, please contact our team at support@globalnetint.com from your registered email address with an individual request, so our team could provide you with personalized instructions. 

 

GlobalNetint is not providing it's services to the clients from the following jurisdictions:

Afghanistan, Gambia (the), Mali, Somalia, Burkina Faso, Guinea-Bissau, Marshall Islands (the), South Sudan, Burundi, Haiti, Federated States of Micronesia, Sudan (the), Cameroon, Iran (Islamic Republic (of), Mozambique, Syrian Arab Republic, Central African Republic (the), Iraq, Myanmar, Timor-Leste (East Timor), Chad, Kiribati, Niger (the), Tuvalu Comoros (the), Korea (the Democratic People's Republic of),Nigeria, United States, Congo (the Democratic Republic of the), Lao People's Democratic Republic (the), Palestine, State of Venezuela (Bolivarian Republic of), Congo (the), Lebanon, Papua New Guinea, Yemen, Cuba, Liberia, Russian Federation (the), Zimbabwe Eritrea, Libya, Solomon Islands

We are temporarily restricting these countries:


Anguilla, Antigua and Barbuda, Aruba, Azores, Commonwealth of The Bahamas, The Kingdom of Bahrain, Barbados, Belize, Bermuda, Brunei Darussalam, British Virgin Islands, Dominican Republic, Jersey, Republic of Djibouti, Republic of Ecuador, Republic of the Fiji Islands, Guernsey, Gibraltar, Republic of Guatemala, United States Virgin Islands, Cayman Islands, Republic of Kenya, Kiurasao, Cook Islands, Republic of Lebanon, Republic of Liberia, Madeira, Republic of Maldives, Marshall Islands Republic, Republic of Mauritius, Meno Sala, Montserrat, Republic of Namibia, Republic of Nauru, Niue, Republic of Palau, Independent State of Samoa, Republic of Seychelles, Saint Pierre and Miquelon, Saint Kitts and Nevis, Sint Maarten (part of the Netherlands), St. Helen, Ascension and Tristan da Cunha Islands, Tahiti, Turks and Caicos Islands, Kingdom of Tonga, Republic of Trinidad and Tobago, Eastern Republic of Uruguay, Republic of Vanuatu, Bolivarian Republic of Venezuela.