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Lithuania’s central bank reportedly investigating Railsr over AML failures

February 20, 2023


The Telegraph reports that the company’s Lithuanian subsidiary PayRNet is being investigated by the country’s central bank. PayRNet secured an electronic money institution licence from the Bank of Lithuania in 2020.

In a statement, the Bank of Lithuania says: “There is reason to suspect that the institution is grossly and systematically violating the Law on the Prevention of Money Laundering and Terrorist Financing.”

The central bank has reportedly applied for a court order compelling Railsr to stop taking on new clients, warning the firm “not to establish business relationships with new clients, as well as intermediaries and persons distributing and/or redeeming electronic money of this institution”.

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