Despite the instructions of the Bank of Lithuania, Foxpay – additional control measures | Business

The employees of the Bank of Lithuania will check each Foxpay payment order and allow only those related to services to the Lithuanian public sector to be executed. The Bank of Lithuania will allocate additional resources to control, in order to ensure that public sector clients do not experience inconvenience, and delays, if they do occur, are minimal.

Such a decision was made after it was established during inspections that Foxpay did not comply with instructions on payment restrictions – it continued to carry out payment transactions between private individuals and legal entities, including entities classified as a group of higher risk of money laundering and terrorist financing.

The Bank of Lithuania, protecting the public interest, in 2024 June 14 partially restricted the rights of Foxpay to provide payment instructions and receive orders through the CENTROLink payment system managed by the Bank of Lithuania. These restrictions are partial and do not apply to Foxpay payments that are related to services provided to the public sector under public procurement contracts.

July 12 Bank of Lithuania, after evaluating „Foxpay“ inspection resultsinstructed the institution not to provide financial services to clients related to the institution’s shareholder, Ieva Trinkūnaita, and to clients classified as a higher risk group for money laundering and terrorist financing.

Currently, the Bank of Lithuania is waiting for detailed explanations from Foxpay regarding the information provided in the inspection report. Upon receipt, the results of the inspection will be fully evaluated and a final decision will be made on the sanctions to be applied to Foxpay for the violations found.