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Lithuanian Regulator Appoints Overseer for Fintech Kevin Amid Compliance Issues
Vilnius, Lithuania – Lietuvos bankas, Lithuania’s central bank, has imposed strict oversight on Kevin EU, UAB, a payment institution, due to concerns about its financial stability and consumer protection. The bank has appointed a temporary supervisor, Valnetas, to monitor the company’s operations closely.
The decision follows Kevin EU, UAB’s repeated failures to submit audited financial statements, comply with capital requirements, and maintain adequate internal controls. The company has been given until August 30th to provide the central bank with its 2023 audited annual accounts, profit and loss statement, and auditor’s reports.
To protect consumers, the central bank has prohibited Kevin EU, and UAB from acquiring new customers until it can demonstrate financial soundness. Existing customers, however, will continue to have access to the company’s services without interruption.
The temporary supervisor will have the authority to approve all major decisions made by Kevin EU, UAB’s management, and provide regular updates to the central bank. It’s important to note that this action does not signify a takeover of the company but rather a measure to safeguard its operations and the interests of its customers.
Lietuvos bankas emphasizes its commitment to ensuring the stability of the financial sector and protecting consumers.
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