UAB, LBChain, EMIs

Bank of Lithuania: Secure Nordic Payments, UAB fined for improper execution of payment transactions

The Supervision Service of the Bank of Lithuania has identified infringements to the Law on Payments related to the execution of payment transactions by the electronic money institution Secure Nordic Payments, UAB (formerly MisterTango, UAB) in 2017–2019. The specialists of the Supervision Service of the Bank of Lithuania examined a certain amount of payment transactions suspended for a long time by Secure Nordic Payments, UAB, and found that the company did not execute payment orders and crediting transactions of some of their customers in due time, and when being not able to execute the payments, did not refuse to do so on time and did not notify the customers, did not return the funds to the payers, thereby violating the requirements of the Law on Payments. Secure Nordic Payments, UAB, acknowledged the violations, and took steps to correct them and ensure that they would not recur in the future.  Having assessed all the circumstances, including the company’s actions to eliminate the deficiencies and the period of the infringement (at that time, more deficiencies in the company’s activities were identified as well as infringements for which individual sanctions were imposed, but which have already been or are being eliminated), the Bank of Lithuania imposed a fine of €22 thousand.

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