As a researcher with experience in the field of financial crimes and cryptocurrencies, I find the situation surrounding Payeer, a Lithuanian cryptocurrency firm, to be of great concern. The €9.3 million fine imposed by Lithuania’s Financial Crimes Investigation Service (FNTT) for sanctions violations and AML breaches is not only significant in terms of money but also in its implications for the broader crypto industry.
A €9.3 million ($10.07 million) penalty was imposed by Lithuania on the local cryptocurrency company Payeer for breaching sanctions regulations, according to Reuters’ recent report.
As a crypto investor, I’ve come across news that my trusted Lithuanian crypto company has been penalized by the Financial Crimes Investigation Service (FNTT) for enabling transactions between their platform and Russian banks. This means that certain activities involving these financial institutions were not in compliance with the regulatory standards set by FNTT. It’s important to keep informed about such developments, as they can impact the legitimacy and trustworthiness of the crypto companies we choose to invest with.
As a financial analyst, I would rephrase that sentence as follows: I find that the total penalty of €9.3 million consists of €8.2 million for infringements related to sanctions and an additional €1.1 million due to Anti-Money Laundering (AML) lapses.
Payeer had 213,000 clients, most of them Russian
As a crypto investor, I would rephrase it as follows: The regulatory bodies have reported that this company allegedly bypassed sanctions against Russia through their questionable dealings. Additionally, they are suspected of violating anti-money laundering regulations.
As a crypto investor following FNTT’s report, I can tell you that Payeer managed to keep most of its 213,000 clients in Russia under the radar for over a year. These clients were able to move their Russian rubles in and out of the country without any interference from Anti-Money Laundering (AML) checks. The company effectively shielded these transactions from scrutiny.
Individuals and organizations based in Russia were offered account management, cryptocurrency wallet usage, and safekeeping services by Payeer, a company based in Russia.
As a financial analyst, I can share that Payeer, having commenced its business activities in January 2023, reportedly generated earnings exceeding €164 million (approximately $177.4 million). According to the financial crimes unit’s recent announcement.
As an analyst, I’d rephrase it this way: In May 2024, my analysis of FNTT’s data revealed that over 98,000 dubious money transactions occurred in the country during the previous year, 2023. The penalties for Anti-Money Laundering (AML) violations amounted to approximately 900,000 euros that year.
Estonia revoked company’s license
As a researcher, I’ve uncovered an interesting development in the financial technology sector. When Payeer launched in Lithuania, it came on the heels of a licensing revocation in Estonia for a company bearing the same name.
This past March, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on several entities for facilitating evasion of Russian sanctions.
As a analyst, I’ve observed various offerings in the realm of blockchain technology and cryptocurrency exchanges. Among these solutions are Bitfingroup OÜ based in Estonia and the peer-to-peer (P2P) platform, Bitpapa.
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2024-07-10 17:45