The reasons behind the check that is due to end in mid-June are not disclosed to the public.
„The Bank of Lithuania has been checking the electronic money institution Foxpay for some time now to assess whether the institution’s shareholders and ultimate beneficiaries comply with the requirements set out in the legislation and whether the institution is properly complying with legal requirements on the prevention of money laundering and terrorist financing and other applicable legislation. As usual, more detailed information on the results of the Bank of Lithuania’s inspections is only published after the results are evaluated,“ Vytautė Šmaižytė-Kuliešienė, spokeswoman for the central bank, told Delfi.
The news website reported that Foxpay is also the subject of an assessment procedure under the law on the protection of objects of importance to national security. The Government’s press service confirmed that the assessment is still being carried out.
Mindaugas Navickas took a position on the Foxpay management board in 2022. He was director of the company from end-2023 to early 2024.
Data of the Centre of Registers show that Foxpay earned a profit of EUR 74 thousand in 2023. The company employs 35 people.
