Majestic Financial, which has lost its license, accuses the Bank of Lithuania of abuse of power

According to him, the inspectors have constantly violated the Law on the Prevention of Money Laundering and Terrorist Financing, as well as in other areas of the agency’s activities.

suddenly did not ensure the distribution of functions and independence of appropriate employees and responsible persons in the field of money laundering and terrorist financing prevention of internal control, audit procedures in this area, improperly stored information, according to the report.

In addition, they did not suddenly identify suspected transactions, stop them, and report them to the Financial Crimes Investigation Service.

LB 2020 The company was fined EUR 9,000 for improperly storing customer parts.

The company does not agree with the LB’s decision and will sue it in court.

We do not support the decision of the Bank of Lithuania to apply the strictest sanctions to revoke the license of a market participant who has been operating for more than 6 years and was considered to have a good reputation in the market, V said Peteris Takacas, Chairman of the Board of Majestic Financial.

He pointed out that the license was revoked unjustifiably, as most of the cases were still under the regulator’s inspection for a year or so. In addition, the actions indicated by many LBs are not considered to be a violation of legal acts, and are more likely to be considered not in accordance with good practices, argues the company.

We already have an active case in court with the Bank of Lithuania, in which we are complaining about the legally unjustified decision taken last night to disconnect us from the critical payment infrastructure of the Bank of Lithuania, Centrolink, which has stopped our activities. Such actions were taken on the basis of an inspection and before the decision to revoke the license had even been made, P. Takacs said.

Panekovas criticized LB that these actions only strengthen pressure, that the existing actions of the regulator are aimed at reducing the number of market participants at any cost.

We cannot understand how a financial regulator in a European country can so blatantly abuse its power in the way that the Bank of Lithuania is doing these days, and we will seek an objective and independent decision in court, dst chairman of the board of Majestic Financial.