Warning: UAB PAYRNET – Revocation of Licence, Insolvency and Repayment of Customer Funds.
The FMA warns about the insolvent electronic money institution UAB PAYRNET, whose licence to conduct financial services has been revoked by the Bank of Lithuania. Severe breaches were determined, in particular, in relation to the prevention of money laundering and terrorism financing. The undertaking in therefore no longer authorised to provide financial services and is therefore obliged to repayment the deposits that it has taken from its customers.
According to the Bank of Lithuania, in its capacity as the competent supervisory authority, customers must apply directly to UAB PAYRNET to have their deposits repaid. The undertaking is obliged to inform customers about the liquidation procedure within five working days.
Further information can be found on the Bank of Lithuania’s website at: https://www.lb.lt/en/news/licence-of-uab-payrnet-revoked-for-serious-violations-bankruptcy-proceedings-to-be-initiated