FCA cancels UAB Best Finance’s authorisation as payment services institution
The UK Financial Conduct Authority (FCA) has decided to cancel the Transitional Authorisation of UAB Best Finance as a payment services institution.
This was because UAB Best Finance’s authorisation by its home state competent authority – Bank of Lithuania (BOL), has been cancelled.
UAB Best Finance was authorised by BOL, the Lithuanian central bank and financial services regulator, as a payment services institution.
On 27 November 2020, UAB Best Finance notified the Authority of its intention to enter the TPR by submitting the TPR Notification Form. As of January 2021, the Authority treated UAB Best Finance as having transitional authorisation in the UK after the EU transition period ended on 31 December 2020.
On 31 October 2022, BOL announced that it had carried out an inspection of UAB Best Finance and identified systematic violations in the prevention of money laundering and terrorist financing. The announcement further stated that following an application made by UAB Best Finance, BOL had revoked UAB Best Finance’s licence as a payment institution.
Despite FCA’s attempts to communicate with UAB Best Finance, with a view to obtaining voluntary cancellation of UAB Best Finance’s Transitional Authorisation, to date UAB Best Finance has not responded to the Authority’s correspondence or voluntarily applied to cancel its transitional authorisation.
UAB Best Finance has not referred the matter to the Tribunal within 28 days of the date on which the Decision Notice was given to it. Accordingly, the Authority has cancelled UAB Best Finance’s Transitional Authorisation.