aA
The British fintech startup Revolut's activity in Lithuania might cause problems for the country, Antoni Mikulski, head of the Lithuania's Financial Crime Investigation Service, has warned.
Head of Financial Crime Investigation Service: Revolut might cause problems for Lithuania
© DELFI / Andrius Ufartas

"The arrival of Revolut, as a bank, here in Lithuania would in fact cause problems as we don’t know how many non-residents will there be as a non-resident in a bank is a problem for the state. Now we don’t have so many of them," the FCIS chief told the Lithuanian Seimas' Committee on Budget and Finance on Wednesday as the committee is looking into possible consequences if the Seimas allowed using a driver's license for identification.

Vilius Peckaitis, head of the FCIS's money laundering prevention board, believes there's a huge risk that persons from regions where terrorist organizations operate might get access to Lithuania's financial system via the United Kingdom where it's easy to get a driver's license.

"By attracting all sorts of shady companies into the state we risk giving access to our financial system to people of dubious reputation," Peckaitis said.

He also warned that, differently from banks, fintech and e-payment companies "might close their eyes" and fail to identify a client's citizenship.

Revolut is establishing a specialized bank in Lithuania and says it will be launched by July.

Representatives of the central Bank of Lithuania said earlier Revolut was issued a license upon the assessment of financial risks as well as challenges to national security and political and geopolitical risks.

BNS
It is prohibited to copy and republish the text of this publication without a written permission from UAB „BNS“.
|Populiariausi straipsniai ir video

Employers advised to organize work remotely if possible

The Lithuanian National Public Health Center recommends that employers organize work remotely where...

Ryanair launches new route from Vilnius

Low-cost carrier Ryanair announced a new Vilnius route to Leeds Bradford, flying three times per...

Tighter checks at Lithuanian-Belarusian border push up haulers' costs

Lithuanian haulage companies are facing delays and increased costs after Belarus has stepped up...

Palanga Airport is preparing for reconstruction: runway and parts of apron to be renewed

Palanga Airport is preparing for an important reconstruction in the autumn of 2021, as the runway of...

Skvernelis sees EU's proposed emission cut target as achievable (1)

The European Commission 's proposal to cut greenhouse emissions in Europe by 55 percent by 2030 is...

Top news

Employers advised to organize work remotely if possible

The Lithuanian National Public Health Center recommends that employers organize work remotely where...

Lithuania may need over EUR 100 mln to buy coronavirus vaccines (1)

Lithuania may need over 100 million euros to purchase COVID-19 vaccines , the country's prime...

Tighter checks at Lithuanian-Belarusian border push up haulers' costs

Lithuanian haulage companies are facing delays and increased costs after Belarus has stepped up...

45 new coronavirus cases

On Monday, 45 new COVID-19 cases were confirmed in Lithuania . Overall, 3859 coronavirus cases have...

Ryanair launches new route from Vilnius

Low-cost carrier Ryanair announced a new Vilnius route to Leeds Bradford, flying three times per...

|Maža didelių žinių kaina