The Bank of Lithuania has revoked the license of UAB Finolita Unio for serious breaches of AML/CFT obligations. The central authority’s investigation of Finolita Unio began after German authorities had stated operational issues with Wirecard in June 2020. The Bank of Lithuania identified links between UAB Finolita Unio and Wirecard companies, after which it started monitoring the company’s operations.
The Bank of Lithuania’s investigation of Finolita Unio revealed that the company treated its AML/CFT obligations in a flippant and irresponsible manner, leading to serious violations.
Finolita Unio failed to perform an ML/TF risk assessment of its customers and diligently verify customer and beneficial owner identity. It also failed to identify the nature of activities of legal entities. The company did not appropriately monitor customer activity and business relationships. It further failed to comply with the obligations related to international financial sanctions.
Due to such serious violations of its AML/CFT obligations, the Bank of Lithuania decided to revoke the license of UAB Finolita Unio. The company is thus no longer allowed to provide any financial services. Affected customers can apply to the company to have their funds transferred to their personal accounts in other financial institutions.
Source: Bank of Lithuania Eurosystem