July 7th, 2021
Lithuania

E-Money institution license holder - The subject of a police investigation

Last time we wrote about latest changes in situation of one of the well-known Electronic Money Institutions in Lithuania – Finolita. You can read more about the conditions why license of this Electronic Money Institution in Lithuania has been revoked here.

Other holder of E-Money institution license in EU got awareness regarding AML regulations. The money transfer business Wise has disclosed it expected to be the subject of a police investigation over alleged money laundering in Brazil, providing an unexpected twist to one of the most keenly awaited London listings this year.

E –Money institution license in EU, which has been recorded in for a valuation of £4 billion or more when it lists on the London Stock Exchange next week, revealed that a commercial dispute with Brazil’s MS Bank had raised up into a criminal investigation.

FinTech type of companies nowadays arise attention of authorized regulatory for their business activity, it helps authorities to control whether Electronic Money Institution in Lithuania or any other E-Money institution license in EU or other regions meet AML regulation requirements. E-Money institution license in EU holder Wise said it did not believe any crime had occurred and that it intended to cooperate with the Brazilian authorities.

However, E-Money institution license in EU holder warned prospective shareholders that MS, which it has previously accused of running a smear campaign against it, might continue to generate negative publicity.

London-based Wise, formerly Transferwise, has been hailed as one of Britain’s most promising “unicorns” — privately owned tech start-ups valued at more than $1 billion. 

E-money institution license holders in EU like Wise helps people to transfer money across borders, doing so at a fraction of the cost of using a high street bank and claims to have ten million customers.

Should you be interested in further questions about Electronic Money Institutions in Lithuania or any other E-Money institution license in EU, you are welcome to contact our lawyers in Lithuania at info@gencs.eu



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