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The Bank of Lithuania has begun taking a closer look at the fintech sector's compliance with anti-money laundering rules and ramping up enforcement.
Recent years have seen virtual asset service providers in Europe incur penalties for anti-money laundering violations infrequently at most, but a raft of enforcement actions last year suggests that the regulatory landscape has become considerably more perilous for them.
Lithuanian regulators have taken a series of measures to address criticisms that a central bank-administered retail payment system used mostly by digital payment platforms has raised their country's exposure to financial crime-related risk.
