Category: Bank of Lithuania

Bank of Lithuania takes enforcement actions against KevinB
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July 31, 2024

Bank of Lithuania Halts New Customer Onboarding and Appoints Representative for Paytech Company Kevin Due to Compliance Failures!

"The payments reset no one saw coming," is the marketing headline of the Lithuanian paytech Kevin. In a sense, this seems to be a self-fulfilling prophecy. The Bank of Lithuania has taken significant regulatory action against Kevin EU, UAB, suspending its ability to onboard new customers. This decision comes in light of Kevin's repeated failures to meet essential regulatory requirements, particularly in the areas of financial transparency, capital adequacy, and internal controls.
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Israeli payment processor BrucBond and its binary options legacyU
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June 30, 2024

Unbelievable! Lithuanian License of Israeli-Controlled Binary Options Scam Facilitator ABC Projektai Reinstated!

In a shocking turn of events, the Supreme Administrative Court of Lithuania (SACL) ruled that ABC Projektai, formerly Bruc Bond and Moneta International, can regain its e-money license. This decision raises serious questions, given the firm's notorious involvement as a payment processor for the fraudulent binary options industry. Bruc Bond, established by the Israelis Eyal Nachum and Tamir Zoltovsky, was infamous for facilitating vast binary options fraud schemes.
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Update on MoneyNetInt and PayswixU
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August 21, 2023

Update: Scam-Facilitating Payment Processors MoneyNetInt and Payswix!

FCA-regulated EMI MoneyNetInt was one of the big payment processors for the fraudulent binary options industry that defrauded hundreds of thousands of people out of tens of billions of dollars between 2010 and 2018. We exposed Israeli-controlled MoneyNetInt and its affiliated GlobalNetInt as payment facilitators in many scams. Consequently, in June 2021, the FCA announced that MoneyNetInt voluntarily stopped acquiring new customers temporarily in June 2021.
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July 10, 2023

Attention: Get Your Funds Out Of Collapsed E-Money Institution Payrnet.

In June 2023, the Bank of Lithuania revoked the license of the collapsed e-money institution Payrnet and initiated bankruptcy procedures. Now other regulators are also warning about the collapsed payment processor. Today, for example, the Austrian FMA, which explained that the license was revoked for serious violations related to money laundering prevention and terrorist financing, was identified. You should get your money before its too late.
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Collapsed Railsr and PayrNet GroupR
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June 27, 2023

Railsr And PayrNet Will Most Likely Not Survive Their Current Crisis!

Railsr Group, with its regulated PayrNet entities, has a massive problem. Last week, the Bank of Lithuania revoked its e-Money Institution (EMI) license. The regulator also announced that it would file for insolvency and file a complaint with law enforcement agencies for possible criminal violations. According to its website, the PayrNet entity regulated by the FCA in the UK was also banned from acquiring new distributors or agents.
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June 22, 2023

Breaking: Bank Of Lithuania Revokes License Of PAYRNET And Seeks Bankruptcy Proceedings!

That's really bad news for the European fintech scene. The Bank of Lithuania (BoL) has revoked the license of PAYRNET, an electronic money institution, due to serious and repeated violations of legal acts. The regulator intends to seek bankruptcy proceedings against PAYRNET and will notify law enforcement authorities. Furthermore, the regulator has restricted PAYRNET's ability to dispose of allocated funds, subject to certain reservations.
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Money Laundering via cryptoB
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February 23, 2023

Breaking: The PayrNet Scheme Investigated For Money Laundering Causing MuchBetter Service Disruption!

The High-risk payment processor MuchBetter recently stopped most provided services. The service disruption came just days after the Bank of Lithuania ordered PayrNet UAB to stop onboarding new clients on allegations of “severe and systematic violations of the Law on Prevention of Money Laundering and Terrorist Financing.”The regulator also ordered to stop the provision of services through the company's agent UAB MIR Lithuania d/b/a MuchBetter, which may have caused the service disruption.
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The new Papel group with MonitoxP
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January 4, 2023

Payment Processors: Introducing The New Papel Group With Monitox!

In November 2021, FinTelegram issued a Request 4 Information regarding the Cyprus Papel Group. At the time, Papel, which operates as an online marketing company, had also come to our attention as an unauthorized payment processor. Early 2022, the Papel.com website disappeared and then reappeared as a payment processor with a license from the Bank of Lithuania. The new Papel is operated by TBF FINANCE, UAB of Artiom Saltanov. Associated with Papel Group is also Monitox Ltd, regulated by the UK FCA as an e-Money Institution. Here is an update.
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MoneyNetInt and Payswix and their troubled pastQ
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November 27, 2022

Quo Vadis, MoneyNetInt? The Latest Update On A Legendary Binary Options Payment Processor!

The FCA-regulated e-money institution MoneyNetInt had its best time during the binary options hype. Most of the binary options scheme providers were Israelis, and, as it turns out, almost all of them were scam schemes. Many of them were clients of MoneyNetInt, such as IC Option, TitanTrade, or the schemes of Uwe Lenhoff and Gal Barak. As of 2017, binary options were banned in most regulatory regimes. Since then, MoneyNetInt's business might not be doing so well either, as their latest figures suggest. Here is an update.
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FinTech companies in Lithuania continue to growR
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June 23, 2022

Regulated Lithuanian FinTech Sector Continues To Grow In 2022!

The Electronic money institution (EMI) and payment institution (PI) sector in Lithuania continued to grow in the first quarter of 2022, the Bank of Lithuania informed. Income from licensed activities of EMIs and PIs, which form the backbone of the licensed Lithuanian FinTech sector, increased 1.8 times in Q1 2022, compared to Q1 2021, to just over €170 million. The volume of payment transactions grew strongly in the first quarter of the year to €173.6 billion and was double the level of a year ago.
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Verified Payments under investigation by Bank of LithuaniaS
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May 16, 2022

Statement Of Verified Payments To Our Report About Regulatory Audit!

On 5 May 2022, FinTelegram reported a regulatory audit of Verified Payments UAB d/b/a Verifo (www.verifo.com). The entity is regulated by the Bank of Lithuania, which scheduled an audit from May 6 to June 23, 2022, to assess the institution’s compliance with applicable anti-money laundering and terrorist financing requirements. FinTelegram has received a copy of the regulator's letter and additional insider information. Verifo sent a compliant to FinTelegram, which we publish in part below as a courtesy:
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Verified Payments under investigation by Bank of LithuaniaB
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May 5, 2022

Bank of Lithuania launches probe into fast-track payment processor Verified Payments

The Bank of Lithuania notified the e-Money Institution (EMI) Verified Payments UAB d/b/a Verifo (www.verifo.com), regulated by license no. 27, of an audit to be conducted during the period from May 6 to June 23, 2022. The purpose of the audit is to assess EMI's compliance with applicable anti-money laundering and terrorist financing requirements. In addition to the online banking platform Verifo, EMI also operates a white-label banking solution to leverage its license.
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