Electronic money institution UAB TransferGo Lithuania has been fined €310,000 by the Bank of Lithuania for violating anti-money laundering and counter-terrorist financing laws.
Facts
- UAB TransferGo Lithuania fined €310,000 by Bank of Lithuania for breaching anti-money laundering and counter-terrorist financing regulations.
- Bank of Lithuania identified deficiencies in TransferGo’s money laundering and terrorist financing risk management.
- Procedures of customer identification and verification were inconsistent, leading to inadequate information collection.
- Due diligence measures for high-risk customers were found to be insufficient.
- No designated board member or senior employee for anti-money laundering and counter-terrorist financing measures.
- TransferGo instructed to address all violations and deficiencies by 1 December 2023.
- TransferGo has submitted a plan to remedy identified issues; some deficiencies have already been resolved.
- TransferGo emphasizes commitment to enhancing AML processes in cooperation with global regulators.
- Bank of Lithuania previously revoked EMI license of UAB PayrNet for similar violations last month.
