The FMA warns about the payment institution UAB Lock Trust, formerly Axxa Fintech Solutions, UAB, whose licence to conduct financial services was revoked by the Bank of Lithuania due to repeated material violations and disobeying instructions of the supervisory authority.
The violations included, inter alia, failure to submit annual financial reports or to appoint a head of administration. In addition, the institution did not provide payment services and did not hold client funds. Because of the repeated violations, the Bank of Lithuania decided that the payment institution is unable to carry out the activities covered by the licence and consequently revoked the licence.
Further information is available on the website of the Bank of Lithuania: https://www.lb.lt/en/news/licence-of-the-payment-institution-uab-lock-trust-revoked