Whistleblower Credits: We would like to thank our whistleblowers for their reports and insights, which help us expose scammers and their payment processors. Together we can make a difference in cyberspace. Together we are an invincible force.
Finally! The Bank of Lithuania (BoL) today announced that it launched a probe into scam-facilitating Epayblock. It was about time! We informed the public and the regulator time and again about the bad activities of this Polish-Lithuanian e-Money Institution. In its investigation, BoL will check possible breaches of money laundering and terrorist financing prevention. Epaybank‘s activities will be partially restricted during the investigation. BoL said that it received information that some of Epayblock‘s customers may be using its services for fraudulent purposes. Sure they do! Many of these customers are scam operators.
Epayblock must inform its clients about this decision. The restrictions of its activities will apply until the end of the regulatory inspection. Epayblock is an e-Money institution regulated by the Bank of Lithuania with authorization code LB001911.
A few months ago, two top officers resigned from their posts with Epayblock (read this report here). While the Polish citizen Maciej Kazmierczyk (LinkedIn) continues to be the company’s CEO, the COO, Roman Mazur (LinkedIn), and CTO Krzysztof Kuchta (LinkedIn) had left Epayblock. In the meantime, the two have also entered this in their LinkedIn profiles. The two former officers contacted FinTelegram and made a point of saying they no longer had anything to do with Epayblock’s business and distanced themselves from it.
Most recently, BoL had fined GlobalNetint (GNI) in June 2021 for systematically violating money laundering and compliance regulations. The company, from the FCA-regulated MoneyNetint Group, was happy to get away with only a fine. We were shocked by this as well but for very different reasons as you may imagine. Please read this report here.
Bravo BoL. It’s time for the regulated (and unregulated) Lithuanian FinTechs and EMIs to be put on a regulatory leash. We are excited about the developments at Epayblock and will keep reporting.
