The regulator issued a release stating it identified the flaws during an inspection in April-May this year. Saying that “Paysera LT had improperly assessed money laundering and terrorist financing risks, had not ensured proper compliance with the requirements on remote identification of customers and the application of enhanced customer due diligence measures to higher-risk customers.”
The statement goes on to say “ After assessing the nature of violations and taking into account the mitigating circumstances, the Bank of Lithuania imposed the fine of €370 thousand on Paysera LT, UAB and instructed the company to correct the violations.”
Paysera LT has responded that it disagrees with the fine and plans to appeal, as 370,000 euros amounts to the Q1 profit of the company.
The company notified the Financial Market Supervision Service that it has enacted a plan to remedy the issues and to enhance AML and CFT Controls including increasing the number of employees in the department and investing in technological solutions.
Vytenis Morkunas, CEO of Paysera LT, said that financial establishments operate in a high-risk area targeted by fraudsters, and risk management is “a continuous and never-ending process”.