Official announcements from EU financial authorities

Lithuania Imposes Record $10M Fine on Payeer for Sanctions Violations

Jul 15, 2024, 08:03 AM

Lithuania has imposed a €9.3 million ($10.07 million) fine on crypto payment service provider Payeer for sanctions violations and AML breaches. The Financial Crime Investigation Service (FNTT) of Latvia revealed that Payeer allegedly allowed transfers to sanctioned banks, with over 213,000 customers transacting in Russian rubles, pulling in more than €164 million. Despite warnings from FNTT, Payeer continued these transactions, leading to the record $10 million fine.