Bank of Lithuania Says e-Money Platform Violated ATF Requirements

The Bank of Lithuania found that electronic money platform Transactive Systems UAB "seriously and systematically infringed anti-money laundering and counter terrorist financing" requirements, following an investigation. As a result, the bank fined the institution over $300,000 and revoked its license to provide financial services. The bank said Transactive System's main infringements were a failure to "properly identify clients, their representatives and beneficiaries," the enabling the opening of anonymous virtual accounts and a failure to ensure "adequate monitoring of business relationships and transactions." The bank added that the platform failed to make sure that international financial sanctions and restrictive measures were properly implemented.

Transactive Systems didn't immediately respond to a request for comment. A message on its website tells customers that Lithuania "revoked" its license as an "electronic money institution." The company added: "please visit our web-page later for updates regarding further actions."