09 Jun 2021
Lithuania’s central bank has revoked the license of UAB Finolita Unio over alleged anti-money laundering (AML) compliance failures linked to the Wirecard scandal, the Financial Times reported on Tuesday.
The Bank of Lithuania determined that Finolita had treated its AML and counterterrorist financing obligations “irresponsibly” by failing to assess the compliance risks of its customers and inadequately vetting their identities and beneficial owners, the FT said. Finolita separately failed to comply with international sanctions and poorly monitored operations of individuals related to the firm, according to the central bank.
Munich prosecutors believe that the Vilnius-based fintech firm was used to steal more than €100 million from Wirecard before the German payments company collapsed, the news outlet reported last month.
German officials suspect that part of a €100 million loan granted by Wirecard in March 2020 to a subsidiary of Finolita’s owner, Singapore-based Senjo Group, was funneled to Wirecard’s then-chief operating officer Jan Marsalek, who is now on Interpol’s most-wanted list. Finolita is believed to have processed the payment to Marsalek, the FT reported.
Finolita characterized the decision to revoke its license as “extremely severe”, particularly since it had notified the central bank of the suspect payments, according to the report.
Read more at the Financial Times
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