Licence of the payment institution UAB Lock Trust revoked
The Bank of Lithuania revoked the payment institution licence of UAB Lock Trust for repeated material violations and disobeying mandatory instructions of the supervisory authority.
. The institution failed to approve the annual financial statements within the time limits set in legal acts and was more than a year late to submit the annual financial reports to the Bank of Lithuania. The institution was already fined in the past for failure to submit financial reports, it was prohibited from entering into contracts with customers and providing payment services to them. Moreover, the previous head of administration of the company was removed from office. The institution did not elect a new head meeting the requirements of legal acts within the time limits specified by the Bank of Lithuania and did not fully correct the previously identified violations of legal acts. The institution did not provide financial services and did not hold client funds.
The extent of the violations, their repetitive nature and the inadequate organisation of activities, which triggered the consideration of sanctions concerning essentially the same violations for the third time in just over a year, as well as inability to remedy them, and their repetition shows that the institution is unable to properly carry out the licensed activities. Therefore, it has been decided to revoke the licence of the institution.