Lithuania divided in half: the vigilance of banks makes society both happy and sad | Business

Julius Ivaška, the director of the Business Service of “Urbo” bank, who initiated it, says that 44 percent of the control actions were negatively assessed. of those interviewed, who assured that this is not the bank’s business and simply a waste of the client’s time. Meanwhile, approximately one in ten (11%) did not have a strong opinion.

“This is a sensitive and emotional topic, which is exacerbated by the one-off stories that have been publicly told about the restrictive measures that banks sometimes apply. The financial sector is the intersection of various monetary transactions, so it is natural that we have an obligation to ensure that illegal activities are prevented. In individual cases, this may cause inconvenience, but considering the extent of the criminals’ activities, I think we should not forget about caution and prevention,” observes J. Ivaška.

45 percent respondents who took part in the survey positively assess the possibility to submit additional documents regarding the transactions taking place in their account, if the bank asks for it. One in four of them noted that the bank must be interested in such operations.

“This part of the respondents considers a more careful assessment of the movement of funds to be absolutely normal practice in order to prevent possible crimes. Another 21 percent survey participants believe that it is primarily useful for themselves. Such procedures allow for better protection of personal funds and prevent illegal operations,” he says.

Examining the deeper sociological sections of the society, it became clear that during the survey, it was women who tended to give the bank the leverage to prevent financial crimes. Also, respondents with higher education more often mentioned the benefits of such actions for themselves.

Meanwhile, the camp of opponents of money laundering prevention had their own arguments as to why it does not seem reasonable and necessary to them.

23 percent respondents said that it is not the bank’s business where the money is transferred to or from the personal account. Another 21 percent considered bank supervision as unnecessary bureaucracy and a waste of the client’s time. Among the skeptics, there were more men, representatives of the 46-55 age group, as well as respondents with secondary education.

According to the interviewee, if emotions are put aside and the scale of fraud reaching millions of euros is assessed, it is clear that vigilance is necessary.

“In 2023, the Association of Lithuanian Banks published estimates that financial fraudsters managed to defraud about 12 million people during the year. euros from residents and businesses, while less than half – about 5 million – was recovered. euros. The scale of fraud is impressive and it would be too bold to claim that we are safe from it. Anyone can fall for the scammer’s bait. Deliberate illegal activity remains a big challenge, the consequences of which can be enormous for residents, businesses or the state,” states the director of the Business Service of Urbo Bank.

At the same time, he shares tips on what to do if the bank has suspicions about the movement of funds in your account. According to him, the worst decision would be to ignore the situation and not respond to the bank’s requests to provide more information about it, documents and other evidence that can substantiate the situation.

“I would advise you to cooperate and provide evidence and explanations supporting the transaction or transactions. Go deep into the situation and what is being asked of you, otherwise the processes will not move forward. At the same time, consider what obligations you have, what payments you must fulfill and do not leave the clarification of the situation to the last minute. Open and operative cooperation is the best choice”, asserts J. Ivaška.

“Spinter research” conducted a survey of 1,017 Lithuanian residents on February 18-25, and representatives of society aged 18-75 participated in it.