Lithuania: Issued ruling in FNTT investigation into Payeer for alleged violations of sanctions pertaining to virtual currency services and money laundering

On 10 July 2024, the Lithuanian Financial Crime Investigation Service (FNTT) issued a ruling imposing around EUR 8.23 million fine on Payeer for violations of international sanctions related to its operation of virtual currency wallet services and cryptocurrency exchange operator services in Lithuania. An additional fine exceeding EUR 1.06 million was imposed for violations of the Law on the Prevention of Money Laundering and Terrorist Financing. The ruling concluded that the company failed to satisfactorily verify client identities, neglected to cease transactions violating sanctions, and did not oblige in reporting operations or transactions involving virtual currency exceeding EUR 15’000 to the FNTT.