The Bank of Lithuania has revoked Foxpay's licence due to the fintech company's "gross and systematic" violations, the central bank said on Friday.
"Foxpay's operational deficiencies and legal breaches have been found in all checked areas," the bank said
Foxpay's activity is currently in the crosshairs of Lithuania's law enforcement agencies. The fintech company's licence was revoked because it failed to comply with AML and anti-terrorist financing requirements and failed to properly identify clients and their representatives, the Bank of Lithuania said.
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The bank added that Foxpay's shareholder Ieva Trinkūnaitė does not meet the requirements for shareholders.
According to the bank, Foxpay failed to manage conflicts of interest when services were provided to clients related to members of the company's board.
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