VILNIUS - The Bank of Lithuania has revoked Foxpay's license in response to the Lithuanian fintech company's "gross and systematic" violations, the central bank said on Friday.
Foxpay's activity is currently in the crosshairs of Lithuania's law enforcement agencies.
"Following this decision, Foxpay can no longer provide any financial services," the bank said. "Foxpay's operational deficiencies and legal breaches have been found in all checked areas."
The fintech company's license was revoked because it failed to comply with AML and anti-terrorist financing requirements and failed to properly identify clients and their representatives, the Bank of Lithuania said, adding that Foxpay's shareholder Ieva Trinkunaite does not meet the requirements for shareholders.
According to the bank, Foxpay failed to manage conflicts of interest when services were provided to clients related to Trinkunaite members of the company's board.
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