Tag: Trustcom Group

Money-laundering! The license of Lithuanian Trustcom has been revoked!

Bank of Lithuania tamir - March 15, 2022

The Bank of Lithuania informed that the license of the notorious Italian-Lithuanian Trustcom Financial UAB has been revoked. Bankruptcy proceedings will be filed, criminal investigations have been initiated in Lithuania, Latvia, and Italy due to the possible organization of money laundering by its Italian CEO Marco Spinola and his partner Michele Scognamiglio. They are the beneficial owners of the financial institution. Thus, these guys can no longer be deemed "fit and proper" to run a licensed financial institution, the Bank of Lithuania remarked.

The calamities of Lithuanian high-risk payment processor Trustcom!

Illegal Payment Services Ben - November 16, 2021

A Lithuanian law firm representing a Bulgarian and a Portuguese company in disputes with the regulated Lithuanian high-risk payment processor Trustcom Financial UAB, which froze the funds of these companies. This case turned into a criminal investigation conducted by the Lithuanian authorities. They suspect money laundering in the amount of more than €1 million in the context of their clients, they say. Another report by Lithuanian online news site Delfi said the Lithuanian FNTT had fined the company €125,000 for money laundering.

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