News

Regulators in Lithuania, the small Baltic nation that over the past decade has become one of Europe's largest hubs for financial technology-based platforms, or fintechs, have recently ramped up scrutiny of the sector's anti-money laundering controls. In January, the Bank of Lithuania, which serves as the country's central bank and primary AML supervisor, barred Transactive Systems, an electronic money institution with branches in London and Vilnius, from onboarding new clients and handling payments for brokerages, money transmitters, cryptocurrency exchanges and other financial institutions. The case against Transactive Systems follows a spate of penalties, business restrictions and even license revocations over...