Electronic money institution licence of Galperin, UAB, revoked
The Board of the Bank of Lithuania has revoked the electronic money institution licence issued to Galperin, UAB, more than a year ago. Such a decision was taken in view of the fact that the company did not comply with the established capital and operational requirements.
“Seeking to create a favourable business environment in our country, we aim at a smooth and swift authorisation process, which already allowed dozens of new Lithuanian and foreign financial service providers to start their business in Lithuania. At the same time, we ensure effective supervision of their activities. The Bank of Lithuania takes a zero-tolerance approach when it comes to financial market participants that carry out no actual activity or are not complying with legal requirements. In light of this, we are entitled to take enforcement measures and may, as a last resort, revoke their licence,” said Vytautas Valvonis, Director of the Supervision Service at the Bank of Lithuania.
Galperin, UAB has no functioning management body (with the director and members of the board resigned, its supervisory board remains inactive as well). The company has not made use of its licence for more than 12 months – it failed to commence issuing electronic money and providing the payment services specified in its licence.
The Bank of Lithuania has already revoked two payment institution licences due to failure to commence activity.