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Tag: Railsr

Special Report: Railsr’s Payrnet Under Scrutiny for Client Money Mismanagement!

Bankruptcies Charlene Lensburg -
In a special report published by Rachel Wolcott of Thomson Reuters Regulatory Intelligence, significant concerns have been raised regarding Payrnet Ltd, an FCA-regulated e-money institution (EMI) and a subsidiary of the embedded finance platform Railsr. The report highlights serious client money safeguarding and compliance failures tied to the bankrupt Lithuanian EMI, UAB Payrnet, then part of the bankrupt Railsbank Technology group.

Bad FinTech News: European Regulators Crack Down On BaaS Providers!

BaaS tamir -
Amy O'Brien published an interesting article on BaaS on Sifted, elaborating on the regulatory hurdles for BaaS providers. The European fintech sector, with 61 unicorns, would now face a regulatory storm. Most notably, the prevalent Banking-as-a-Service (BaaS) model, which fueled the rapid growth of companies like Revolut and Wagestream, is under regulatory scrutiny. Investors shy away from the €100 billion market!

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

Bank of Lithuania Ben -
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 Today, for example, the Austrian FMA, which explained that the license was revoked for serious violations related to money laundering prevention and terrorist financing, was identified.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.

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

Bank of Lithuania tamir -
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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