17 Nov 2020
The central Bank of Lithuania has issued a fine of 370,000 euros to Lithuanian-capital payment company Paysera LT for its anti-money laundering violations. The company plans to appeal.
The central bank says it was identified during an inspection in April-May that Paysera LT failed to properly assess money-laundering and terrorist funding risks and proper adherence to the existing legislation in terms of remote identification of clients, and also failed to ensure reinforced application of client identification measures for clients from the higher risk group.
“Having evaluated the nature of the violations and having taken into account the mitigating circumstances, the Bank of Lithuania issued a fine of 370,000 euros and ordered the company to eliminate the violations,” the central bank said.
Paysera LT disagrees with the fine and plan to appeal, stating that 370,000 euros would amount to the company’s three-month net profit this year.
Vytenis Morkunas, CEO at Paysera LT, says financial establishments operate in a high-risk zone targeted by fraudsters, and risk management is “a continuous and never-ending process”.
Read more at The Baltic Times
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