The Bank of Lithuania has revoked the local license of Transactive Systems Ltd., a UK electronic-money firm that processed more than €1 billion ($1.1 billion) of payments every month, detailing a litany of compliance failings.
The central bank, which imposed restrictions on the company earlier this year and begun a review of its operations, said that Transactive “seriously and systematically infringed” anti-money laundering and counter-terrorist financing requirements, according to a statement Thursday. It said the firm’s Lithuanian subsidiary failed to properly identify customers, enabled the opening of anonymous accounts and provided incorrect information.
