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Lithuanian Regulators Move to Protect Banking Channels for Fintechs

By Koos Couvée

Lithuania's primary anti-money laundering regulator warned banks Thursday to refrain from automatically rejecting financial technology firms, or fintechs, as clients, based solely on the perception that they inherently present a high risk of financial crime. In a 10-page advisory, the Bank of Lithuania said lenders must offer e-money firms and payments services providers "non-discriminatory" access to banking services and resort to "extreme measures," such as severing ties with them, only in specific cases, and only after all other options for mitigating risks have been exhausted. Lithuania has become one of Europe's foremost fintech hubs in recent years, with 45 payment...

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