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Lithuania has imposed a record fine of EUR9.3 million on crypto firm Payeer for violating Russia-related sanctions and failing to comply with anti-money laundering (AML) regulations.
The Financial Crimes Investigation Service (FNTT) of Lithuania found that Payeer allowed Russian customers to conduct transactions in Russian roubles with EU-sanctioned Russian banks. Additionally, Payeer provided Russian individuals and entities with services such as crypto wallets, account management, and storage.
During an 18-month period, Payeer served at least 213,000 customers and generated over EUR164 million in revenue. The FNTT stated, “The identities of the company’s customers were not properly determined and checked intentionally, in order not to lose a significant part of the income.”
Payeer, which relocated to Lithuania after its license was revoked in Estonia, has been fined EUR8.2 million for sanctions violations and an additional EUR1.1 million for AML failures.
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