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Electronic money bank Guru Pay has been fined EUR 85,000 for improper customer business relations and will monitor operations, Bank of Lithuania (LB) announced.
During the inspection, deficiencies were found in the internal control of the institution in the field of prevention of money laundering and terrorist financing due to the distribution of functions and conflict of interest management. In addition, the emergency procedures did not in all cases ensure that the identity of the client representative, the nature of the client’s activity and the assessment of the risk posed by the client’s representative were properly determined, according to the LB announcement.
Trkum also had Guru Pay’s information security monitoring system. A sudden prediction is made for these actions.
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In August 2020, LB announced that Guru Pay had breached the equity requirement, but after the company quickly removed the breach, and customers were not harmed, LB issued a measure to isolate the breach.
Guru Pay was created in August 2018, and e. She received a money transfer license in November 2019.
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