UAB Click2Sell fined for improper segregation of customer funds
The Supervision Service of the Bank of Lithuania has concluded that the payment institution UAB Click2Sell breached the requirements set out by the Republic of Lithuania Law on Payment Institutions in relation to the protection of customer funds and imposed it a fine.
Pursuant to legal acts, the payment institution, having decided to apply the method of segregation and protection of customer funds, was obliged to hold them with credit institutions established in Lithuania or other EU countries. UAB Click2Sell breached this requirement by holding the bulk of customer funds outside credit institutions. Taking into account all the circumstances of the infringement, the Bank of Lithuania imposed a €17,150 fine on UAB Click2Sell.
Moreover, the Supervision Service has identified certain shortcomings on the payment institution’s financial balance sheet statements. Therefore, it was decided to make a public statement on the fact that UAB Click2Sell provided incorrect information on the balance of its customer funds held with credit institutions in balance sheet statements submitted to the Bank of Lithuania for supervisory purposes on 31 March 2018, 30 June 2018 and 30 September 2018.
The indicated shortcomings have already been eliminated by the payment institution.