Payments Firm That Moved $8.3 Billion in 2022 Loses License (1)

Regulators in Lithuania revoked the license of UAB Payrnet, a payments firm that was part of failed UK group Railsbank Technology Ltd., citing “gross, systematic and multiple violations” of local laws.

The Bank of Lithuania will start bankruptcy proceedings against Payrnet, it said in a statement Thursday, adding it also intends to ask law enforcement authorities to investigate any possible criminal offenses.

Payrnet, which had a license to operate as an electronic-money institution, or EMI, across the European Union and processed some €7.5 billion ($8.3 billion) of transfers last year, violated laws linked to the prevention of money laundering ...