Bank of Lithuania fines ConnectPay

[Irration4l]

So, just this morning the bank of Lithuania imposed a €110,000 fine on UAB ConnectPay for AML/TF infringements

Bank of Lithuania imposed a €110,000 fine on UAB ConnectPay for AML/TF infringements

Seems like just a few larger EMI's have been without any fines now in Lithuania such as Paysera, Globalnetint, Wallter and Trustcom Financial. (not counting the ones that only offer services in Lithuania).

What do you guys think about this? Any of you have open accounts in ConnectPay?

 

[Martin Everson]

No accounts with any LT EMI for a long time.

I think central bank of‌ LT just trying to show ECB that they are taking action and cracking down on‍ money laundering ca#"!....lol. They have given out many fines over the years.

 

[Konstanz]

Lithuanian central bank has issued lots of licenses and fines. But most of the smaller‌ EMI's are not investigated by LCB yet! It does not mean that it's unsafe to‍ use Lithuanian EMI. However, I think the only ones who are really based in Lithuania,⁠ with offices and Lithuanian directors, will survive!
There are many Lithuanian EMI's who don't have⁤ presence in Lithuania and are just shell companies managed by scammers and criminals from Israel⁣ or China. Be careful!

 

[Irration4l]

Don't you think it's kind of a survivorship bias? Is in it⁤ good, that fines are being handed out and the companies are being reviewed and supervised?⁣ The same can be said about the UK FCA - as thei are handing out⁢ fines and freezing activity just as much. And both UK and Lithuania are kinda leading︀ the whole EMI regulation trend.

What kind of jurisdiction do you think is safest and︁ why?