Bank ‘Charged Cross-Border Fees 25 Times Higher Than Allowed’

Lithuania’s regulator has fined one of the country’s top financial service providers for charging “unreasonably high fees” and violating EU rules on cross-border payments, in a first action of its kind.

The Bank of Lithuania penalised AB DNB Bankas, a member of Norway’s largest financial services group, for soliciting clients to pay unjustly high fees on several cross-border transfers.

Some imposed fees were as much as 25 times higher than required, the central bank said.

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