News

Lithuania has revoked a local fintech's license for the second time in three weeks for egregiously breaching anti-money laundering rules, while warning other fintechs about the risks of illicit finance they incur by offering correspondent account-like services to their peers. Three weeks after yanking the license of Transactive Systems, an EMI based in London and Vilnius, the Bank of Lithuania said Thursday that a second EMI, PayrNet, lost permission to operate after engaging in "serious, systematic and multiple violations," including by failing to vet other fintechs that used the platform's license to handle payments for their own customers. PayrNet's business...