Lithuania has revoked a local fintech’s license for the second time in three weeks for egregiously breaching anti-money laundering rules, while warning other fintechs about the risks of illicit finance they incur by offering correspondent accoint-like services to their peers.
Three weeks after yanking the licence of Transactive Systems, an EMI based in London and Vilnius, the Bank of Lithuania said Thursday that a second EMI, PayrNet, lost permission to operate after engaging in “serious, systematic and multiple violations”.
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