Nayax Europe and PAYTEND EUROPE failed to meet capital requirements
The Supervision Service of the Bank of Lithuania has found that on 30 June 2019 the payment institution Nayax Europe, UAB, and electronic money institution PAYTEND EUROPE, UAB, failed to comply with their own funds requirements to hold at least a minimum capital established by law.
Compliance with own funds requirements is one of the key requirements imposed on electronic money and payment institutions. Therefore, such institutions must have the necessary measures to ensure their compliance with the capital requirements.
Since Nayax Europe, UAB, and PAYTEND EUROPE, UAB, have eliminated the indicated shortcomings without further delay, no interests of their clients have been violated. In view of the above, the Bank of Lithuania decided to impose the mildest enforcement measure by making these infringements public.
Information on enforcement measures applied by the Bank of Lithuania, complaints regarding the applied enforcement measures, and settlement results is available here.