The Board of the Financial and Capital Market Commission (FCMC) has adopted a decision to cancel the entry for “FSC EU” Ltd in the register of electronic money institutions, as significant deficiencies and shortcomings were identified in the activities of “FSC EU” Ltd regarding anti-money laundering and counter-terrorist financing internal control system, as well as because of material and substantial breaches of several laws and regulations.
In accordance with the decision the provision of services by “FSC EU” Ltd has been terminated as from 22.03.2017, 00:00 a.m.
“FSC EU” Ltd has an obligation to transfer the funds that were received in its accounts on behalf of customers until 22.03.2017, 00.00 a.m. to the customer accounts with credit institutions. “FSC EU” Ltd shall not take the customers and third parties’ funds on behalf of customers after 22.03.2017, 00:00 a.m.
FCMC has imposed an obligation on “FSC EU” Ltd to immediately notify its customers and counterparties about the termination of services.
FCMC will follow that the customers’ interests are observed and protected, and that “FSC EU” Ltd fully meets its obligations towards the customers.
In Latvia there are 11 registered electronic money institutions and three licensed electronic money institutions continuing their operations. Electronic money institutions have been entered into the register of institutions that has been regularly updated and available on the FCMC website at: http://www.fktk.lv/en/market/electronic-money-institutions2/registered-electronic-money-in.html
For further information:
Public Relations Specialist
Financial and Capital Market Commission
Phone: +371 67774808