Lithuania Fines E-Money Firm Over 'Systemic' AML Violations

The Bank of Lithuania has fined electronic money institution Mistertango €245,000 over repeated failures in its anti-money laundering (AML) and counter-terrorist financing (CTF) controls.

Vilnius-based Mistertango has been a favoured payments solution and account provider for cryptocurrency focused businesses such as exchanges, but has been beset by enforcement actions over non-compliance.

The Bank of Lithuania said on Friday it was the third time the provider’s AML/CTF controls had been found wanting, and it has also been hit with a fine over data retention. 

“Serious and systematic violations, in some cases committed repeatedly, were found in the company,” it said in a statement.

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