After checking two e-money companies, the Bank of Lithuania imposed fines on them: revealed what violations were found

During the inspection of „Nuvei“, violations were identified related to conflict of interest management, enhanced customer identification, monitoring of the client’s business relationships and transactions, and the implementation of internal control procedures for the protection of client funds.

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UAB „Nuvei“ applied to the Bank of Lithuania for the possibility to conclude an administrative agreement. The institution informed that it has already eliminated all violations identified during the inspection and committed to submit an audit conclusion of corrective actions in the field of money laundering and terrorist financing prevention specified in the deficiency elimination plan by September 7, 2026.

After evaluating the received information, the Bank of Lithuania decided to conclude an administrative agreement. For the violation related to improper conflict of interest management, the institution was given a warning; for violations related to enhanced customer identification, monitoring of the client’s business relationships and transactions, UAB „Nuvei“ was imposed a sanction of 90 thousand euros, and for the violation of internal control procedures in the area of client funds protection – a public announcement.

Meanwhile, the bank that conducted a targeted inspection of the company „TeslaPay“ found that the electronic money institution did not ensure proper monitoring of the client’s business relationships and transactions.

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It is reported that an administrative agreement was concluded at the company’s initiative, with „TeslaPay“ informing about its self-prepared deficiency elimination plan, most of which has already been implemented. The company committed to implement the remaining measures by October and to submit the audit conclusion by December.

„TeslaPay“ earned 1.5 million euros in revenue the year before last – 50% more than in 2023 (1 million euros) and 20 thousand euros in profit, while in 2023 it incurred a loss of 17 thousand euros, according to data from the Register Center. The company has not yet submitted last year’s report.

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The beneficiary of the company is Estonian Heiki Murula, who owns 64% of the company’s shares.