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Bank of Lithuania revokes licence of electronic money institution for ‘serious’ shortcomings

By Alisha Houlihan for AMLi

The Bank of Lithuania has revoked the license of electronic money institution, UAB PAYRNET for systematic and multiple violations of laws. 

The institution must return the funds to its clients within the set time limit if it is no longer able to provide financial services. The Bank of Lithuania will initiate bankruptcy proceedings against the institution.

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